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Apache is functioning normally

The U.S. Department of Housing and Urban Development (HUD) on Thursday joined seven other federal agencies to clarify in writing that Title VI of the Civil Rights Act of 1964 prohibits forms of discrimination, including antisemitism, Islamophobia and other related forms.

To accomplish that goal, HUD published a housing-specific fact sheet about Title VI protections.

“In addition to shared ancestry and ethnic characteristics, religion is also a protected class under the Fair Housing Act, which HUD will continue to vigorously enforce,” the department said in a statement.

The administration unveiled its National Strategy to Counter Antisemitism in May, and HUD has remained a committed partner in its implementation across the federal government.

Reiterating Title VI protections and reminding people of their broader implications is key to accomplishing the administration’s equal housing goals, according to HUD Secretary Marcia Fudge.

“Antisemitism, Islamophobia, and any other form of hate have no place anywhere, including in the home,” Fudge said in a statement. “No one should be discriminated against because of their ancestry or ethnic characteristics or their faith or beliefs.”

She added: “[This] announcement will further the Biden-Harris Administration’s commitment to combating discrimination in all its forms and guide our partners on the ground to enforce this country’s legal protections for Americans against acts of hatred.”

Discrimination based on “shared ancestry or ethnic characteristics” is illegal under Title VI of the Civil Rights Act, and ensuring that fact is understood is key to the White House’s housing policies, according to Demetria McCain, HUD’s principal deputy assistant secretary for fair housing and equal opportunity.

“This announcement is in line with HUD’s continued commitment to combat housing discrimination in all forms,” McCain said. “It informs those who call America home of their right to be treated equally regardless of their shared ancestry or ethnic characteristics–putting us one step closer to building a housing system that prioritizes fairness and equality.”

In alignment with the Biden administration’s national strategy was a coordinated announcement from the other involved agencies, including the U.S. Departments of Agriculture, Health and Human Services, Homeland Security, Justice, Interior, Labor, Treasury and Transportation, according to White House announcement.

Source: housingwire.com

Apache is functioning normally

Apache is functioning normally

Cecilian Partners, a proptech firm that offers comprehensive digital solutions for home builders and land developers, has successfully raised $11 million in its first institutional equity round led by Resolve Growth Partners. This funding will enable Cecilian to accelerate product innovation, expand its workforce in crucial areas, and further enhance its customer success team.

John Cecilian, Jr., the company’s co-founder and CEO, expressed his excitement and validation upon receiving the term sheet from Resolve Growth Partners:

“This investment transitions us from a ‘scrappy start-up’ to a focused organization positioned to win. We are grateful to the team at Resolve and ready to accomplish meaningful growth and customer expansion.”

Despite a recent decline in early-stage funding, Resolve selected Cecilian Partners after conducting extensive due diligence and evaluating numerous SaaS companies. They were impressed by Cecilian’s impressive revenue growth, proven business model, and a clear path to profitability.

“We’re thrilled to have the opportunity to partner with John and the rest of the team at Cecilian Partners to build the category-leading platform for land developers and home builders,” said Resolve co-founder and Managing Partner Chris Rhodes. “This market has traditionally been underserved by technology. Cecilian offers a first-of-its-kind solution to help its customers transform their businesses through digitization and a true partnership approach.”

Since its establishment in 2019, Cecilian Partners has focused on serving the rapidly growing new homes segment in residential real estate. Their innovative software suite streamlines the land and property development process, consolidating data, automating manual tasks, and providing an enhanced customer experience throughout the homebuying journey.

Cecilian’s revenue tripled in the past year, surpassing the typical growth rate for early-stage SaaS companies. Additionally, their client base expanded by 65%. The company now serves builders and developers across multiple states, boasting over 75 clients in Texas and Florida alone, where nearly one-third of all new homes in the US are constructed.

In addition to securing funding, Cecilian was recognized for its achievements throughout the year. They were included in the HousingWire TECH100 list, honored with a PHL Inno Fire Award, and acknowledged as one of the best places to work in the greater Philadelphia area.

With Resolve’s support, Cecilian will accelerate its pace of product innovation and talent acquisition. They will also benefit from Resolve’s financial expertise and experience in building successful SaaS companies. As part of this strategy, the company’s Board of Directors will undergo restructuring, with Chris Rhodes and Rocco Natalicchio from Resolve joining the board. Stephanie McCarty, Chief Marketing & Communications Officer at Taylor Morrison, and Ned Moore, co-founder and CEO of Clutch, will continue to serve on the board, bringing their expertise in real estate development and SaaS markets, respectively.

Stephanie McCarty expressed her belief that Cecilian Partners is well-positioned to drive innovation in the new home construction industry. She highlighted the company’s expansive suite of products, which can address outdated processes and longstanding challenges, ultimately enhancing the experience for customers, builders, and developers.

With Resolve’s investment, Cecilian will rapidly expand its team by hiring key roles in business development, in-house technology and research, customer success, and marketing. These new hires will help capture growth opportunities, drive innovation, improve client support, and increase brand visibility across the country. Over the next 12-15 months, Cecilian plans to increase its workforce by 50%, with additional staff based in Chicago, Dallas, Raleigh, and their headquarters in New Hope, Pennsylvania.

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Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.

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Source: realtybiznews.com

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Apache is functioning normally

A huge panel of economists from banks, universities, and investment and research firms weighed in on the direction of U.S. home prices over the next five years.

The consensus was average home price appreciation of 21.99% through 2017, growth that exceeds what Zillow refers to as “pre-bubble rates,” which took place from 1987 to 1999.

During that time period, home prices appreciated annually at a rate of 3.6%, on average.

2013 Strongest of Next Five Years

The 118 panelists indicated that 2013 would be the strongest year in terms of home price appreciation, with values expected to climb an average of 4.6%.

That compares to the 5.5% gain seen in 2012, meaning there should be some moderation despite the positive sentiment.

In 2014, prices are expected to rise another 4.2%, and then dip to between 3.6% and 3.8% for 2015-2017.

All in all, it’s another sign that housing has indeed bottomed, and should slowly work its way back to previous highs seen before the crisis hit.

Who’s the Most Optimistic?

I decided to scour the list of panelists to see first who was included, and second what they thought.

There is an interesting mix of participants on the list, and an even more intriguing divergence of opinion.

Let’s start by looking at who is most confident about home prices going forward, with the cumulative total displayed below:

1. Ethan Penner, Managing Partner at Monday Real Estate Partners – 77.86%
2. David Wyss, Economist at Brown University – 41.53%
3. Christine Chmura / Xiaobing Shuai, Chief Economist / Senior Economist at Chmura Economics & Analytics – 40.22%
4. Rajeev Dhawan, Director, Economic Forecasting Center at Georgia State University – 38.46%
5. Jim Kleckley Director, Bureau of Business Research at East Carolina University – 37.75%
6. Joel Naroff, President at Naroff Economic Advisors Inc. – 37.10%
7. Aneta Markowska, Senior U.S. Economist at Societe Generale – 36.17%
8. Matthew Sippel, Senior Partner at Indus Capital Partners – 35.05%
9. Richard Dorfman, Managing Director at SIFMA – 33.81%
10. Constance Hunter Senior Advisor at International Solutions Network – 32.59%

[Tips for first-time home buyers.]

Who Are the Housing Bears?

Not all panelists were as optimistic as those listed above. In fact, some even feel housing prices will fall over the next five years.

Let’s take a closer look at who thinks housing isn’t the best investment at the moment:

1. John Brynjolfsson, Chief Investment Officer at Armored Wolf, LLC – (11.04%)
2. Mark Hanson, Founder at Hanson Advisors – (8.39%)
3. Gary Shilling, President at A. Gary Shilling & Co. – (5.05%)
4. Barry Ritholtz, CEO at FusionIQ – 7.15%
5. Alex Barron, Founder & Senior Research Analyst at Housing Research Center – 10.36%
6. Komal Sri-Kumar, President at Sri-Kumar Global Strategies, Inc. – 10.38%
7. Parul Jain, Chief Investment Strategist at MacroFin Analytics LLC – 10.41%
8. Paul Ballew, Chief Data and Analytic Officer at Dun & Bradstreet, Inc. – 10.84%
9. Ellen Zentner / Aichi Amemiya, Senior Economist / VP at Nomura Securities International, Inc. – 12.03%
10. Ihab Seblani, Economist at AIG Global Economics – 12.42%

As you can see, the panelists exhibit quite a range in outlook, with some so negative they actually expect home prices to be down five years from now.

However, the lion’s share of panelists sound pretty darn positive, if the numbers are any indication.

Overall, the most optimistic quartile of panelists predict a 6.1% increase in home prices this year, while the most pessimistic quartile sees an average increase of three percent.

When looking at the five-year cumulative total, projections ranged from 11.7% among the most pessimistic quartile to 34.2% among the most optimistic.

For the record, Zillow chief economist Stan Humphries sees home prices rising 18.42% over the five-year period.

You can see the complete list here. There are some other interesting names on the list not mentioned in this post.

As always, you should take anyone’s opinion with a grain of salt.  Plenty of so-called experts were wrong leading up to the past crisis, and many will be wrong again. That’s just life.

Also note that this covers national home prices, and that values will vary widely by city, region, etc.

Read more: Preparing for the seller’s market.

Source: thetruthaboutmortgage.com

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UK ‘mortgage meltdown’ looms amid ‘terrifying’ growth in arrears

Jump in borrowers unable to make payments with landlords particularly hit and ‘worse to come’

  • Analysis: will the Bank listen to business and halt rate rises?

Mortgage balances with arrears jumped by 13% in the second quarter of the year to the highest level since 2016, according to Bank of England figures that underscore the stress in the UK mortgage market.

Rising interest rates and unemployment over recent months have put pressure on household disposable incomes, forcing some families to cut or suspend their monthly mortgage payments.

Buy-to-let mortgage payers have also come under pressure in parts of the country where tenants are struggling with the cost of living crisis.

The Bank of England said the total value of mortgage balances which had some arrears rose to £16.9bn, up by 29% on the previous year and the highest since the third quarter of 2016.

Mortgage arrears are based on figures showing the number of borrowers failing to make payments equivalent to at least 1.5% of the outstanding mortgage balance or where the property is in possession.

Mortgage lending was also hit in the second quarter with gross advances falling by £6.3bn to £52.4bn. Year on year, mortgage lending slumped by almost a third, to the lowest level since the worst of the Covid-19 collapse in lending in the second quarter of 2020.

Lewis Shaw, founder of Mansfield-based Shaw Financial Services, told the news agency Newspage a “mortgage meltdown” is approaching, unless the Bank of England changes its approach.

Shaw said: “The speed at which mortgage arrears are increasing is terrifying and should give cause to pause at the next Bank of England interest rate meeting. This is dire data, and we know that it’s about to get an awful lot worse with 1.6m mortgage holders due to renew over the next 12 months at significantly higher rates than anyone has been used to for well over a decade.”

Simon Gammon, managing partner at the finance arm of estate agents Knight Frank, said the proportion of mortgage payers falling behind with payments remained low at just 1%, despite the “sizeable jump in arrears”.

He said: “That’s because the vast majority of outstanding mortgages were issued under the post-global financial crisis regime, which was much more stringent when it comes to affordability.”

However, while homeowners were more likely to make cuts to other spending before falling behind with mortgage payments, buy-to-let landlords may take a different view, he said.

“We are more likely to see arrears in the buy-to-let sector, where landlords face a unique set of challenges. If a landlord finds their mortgage is no longer affordable, or the rent no longer covers their outgoings, they only have two choices – sell or default. If they opt to sell, they may have to wait up to a year for the tenancy to end, unless they are willing to sell with a tenancy in place, which is more difficult.

“Landlords are also more likely to opt to default than those struggling with a mortgage secured against their main residence, so this is an area to watch,” he added.

Incoming Bank of England deputy governor Sarah Breeden said she agreed with her future colleagues on the monetary policy committee (MPC), which sets UK interest rates, that inflation may fall at a slower pace next year than expected, forcing the central bank to keep the cost of borrowing higher for longer than expected.

Breeden, who will replace Jon Cunliffe as the Bank’s deputy governor for financial stability after the MPC’s meeting next week, said there was also a risk that growth and unemployment will worsen.

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“I will, after November, be very careful in balancing those two factors: the risk of inflation becoming embedded through more persistent, second-round effects, as well as the impact of tightening coming through,” she told parliament’s Treasury Committee in a hearing convened to approve to her appointment.

“The challenge right now is that wages are high and rising and there is a real risk that second-round effects means that this inflation becomes embedded,” she said, adding that in keeping a lid on inflation, “it is not our intention to cause a recession”.

The MPC is expected to raise interest rates by a quarter point to 5.5% on 21 September, raising the average mortgage payments by £3,000 a year for a household that refinances a 2-year fixed product.

Breeden said she expected inflation to be “around the [Bank of England’s] 2% target in two years’ time”.

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Source: theguardian.com

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Apache is functioning normally

Verification, Credit, Servicing, Automated QC, POS, DSCR Products; Events and Training Fast Approaching

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By:
Rob Chrisman

Wed, Sep 27 2023, 10:44 AM

Today I head to Phoenix area for the AzAMP annual conference, and am reminded that, “Change is inevitable, except from a vending machine.” The mortgage industry is constantly changing, although Freddie and Fannie have been a somewhat stabilizing influence. But explaining to someone not in the mortgage business what they, the government sponsored enterprises (GSEs) do, is not easy, but in another one of his Mortgage Musings, attorney Brian Levy offers his thoughts on 15 years of being in conservatorship and whether that means it’s time to drop the “S” in GSE. Let’s just hope they don’t become another Amtrak. (Sign up for Musings here.) One topic that has come up at a few conferences, besides Agency buybacks, is demand for “LIP” and “VLIP” borrowers. Are F&F pushing hard for Low Income Purchase and Very Low Income Purchase business, and requesting high percentages of those products with the “threat” of hitting their overall pricing? Address any questions to your Agency rep, but some would say that in this environment, with everyone fighting for every deal and reduced volume, it doesn’t seem fair or even logical to have such a high demand for sellers with something outside of their control. (Today’s podcast can be found here and this week’s is sponsored by Built. Built is powering smarter and faster money movement for the entire construction and real estate ecosystem, all while reducing risk. Hear an interview with Verisk’s Kingsley Greenland on state level structural issues with property insurance and the current state of federal flood insurance.)

Lender and Broker Software, Programs, and Services

“Unlock a world of potential with DSCR loan options, including programs for Foreign National and ITIN investors with Champions Funding. Our business purpose non-owner-occupied Accelerator, Ambassador, and ITIN Accelerator loan programs make homeownership a reality for global clients and expand your borrower pool across the planet. Access DSCR financing for properties up to $3M/80 percent LTV (Accelerator), $1.5M/70 percent LTV (FN), or $1M/80 percent LTV (ITIN) as a broker partner. Visit here for full guidelines & to register as a partner. There you’ll also find DSCR l No Ratio Accelerator for U.S. citizens, including first-time investors. The Champs are the key to unlocking possibilities for your business & your borrowers’ portfolios.”

“The next gen of Xactus360 is here and is it ever shaking up the industry! Xactus’ proprietary verifications platform offers game-changing features that streamline workflows and empower lenders to work more efficiently, such as a single login for Mortgage Credit and Pre-Qualification reports. Not only that, Xactus360 can help improve your automation with key integrations. Flood ReportsX was recently added. Did you know Xactus’ offers no close, no pay flood zone determinations? That means if the loan doesn’t close, you will not pay for it. Xactus360 also includes Appraisal FirewallX which has met the requirements and is capable of fulfilling Fannie Mae data collection orders in addition to supporting Freddie Mac’s ACE + PDR program. Intrigued? Meet with Xactus at the MBA Annual for a demo of Xactus360 and see how this innovative platform revolves around you. To set up a time, email us.”

Does it feel like your current point-of-sale vendor has lost focus on mortgage? At Maxwell, mortgage is all they do. Constantly looking to improve the origination experience, Maxwell Point of Sale offers unique features to help lenders stand out including lender configurability, technology that pre-fills the application for the borrower, a complete Spanish language application, payment capabilities, quick pre-approval letters and more. With an average implementation time of less than 2.5 weeks, Maxwell Point of Sale can start working to improve your bottom line quickly. Schedule a call with the team to learn more.

“Blue Water Financial Technologies Services (“Blue Water”) continues to add new originators, investors, and due diligence providers to its automated QC platform. Let us be your pipes. Our proprietary technology assists your team with rapidly identifying and remediating exceptions! QC is just one of the many capabilities offered by Blue Water’s proprietary platforms for mortgage assets. Your company can value, transact, transfer and QC your mortgage assets using our Single Sign on proprietary technology. Come meet our team in Philadelphia during the MBA Annual 23 from October 15th-18th for a demo and discussion on how Blue Water can help streamline your operational processes and enhance your throughput with our encrypted, onshore, cloud-based tools! Schedule a meeting with our expert sales team today! Services offered by Blue Water Financial Technologies Services, LLC.”

“Working to Provide the Best Homeowner Experience: Cenlar is more than just a mortgage subservicer. We strive to be our clients’ trusted partner each and every day. And a big part of that is how we care for our clients’ homeowners. A home is most likely someone’s largest asset. That’s why we are continuously evolving to provide the best homeowner experience. Whether that’s the regular cycle of onboarding, escrow, monthly payments and year-end or challenges facing homeowners like natural disasters, we are responsive, anticipatory and always caring. Let’s discuss how Cenlar can meet the mortgage servicing needs of your organization. Call 1-888-SUBSERV (782-7378) or visit here. We want to be your trusted partner, each and every day.”

Connect with Sagent @ #NEXTFALL23. Headed to Dallas next week? Make sure you block off a few dates and times to catch Team Sagent on stage at #NEXTFALL23, plus an opportunity to elevate your personal LinkedIn brand with a sponsored headshot station! On Wednesday 10/4 at 1:15 PM CT, join CLO Wendy Lee for an exclusive “AI” Hive roundtable, which will be a precursor to her Ethical AI Use Cases panel on Thursday, 10/5 at 9:15 AM CT. Plus (if you’re onsite), Sagent is sponsoring the Headshot Station during the event (10/4 @ 1:30PM – 4PM CT & 10/5 @ 10AM – 1PM CT), so reserve your spot via’s NEXT’s app and head on over for a warm welcome from Cheryl McKenzie (who will greet you with a glass of champagne) and get picture ready. For more information, click the link here. Hope to see you all there!

Events and Training

Like every other month, September has sailed by, and this Sunday is October. (No, we don’t change the clocks in most states until November.) What’s happening out there? A good place to start is here, and click on “events” for conferences in the future.

Join K&L Gates and special guest, John Beccia, Co-Founder and CEO of FS Vector, for a panel discussion on generative artificial intelligence (AI) in the Fintech and Banking industry on

Thursday, September 28th 9:00-10:30 AM – PT, 11:00 AM-12:30 PM – CT. Discussion will address the legal and ethical risks, mitigation, and best practices to consider across these industries as you develop generative AI products and services or use generative AI in the operation of your business.

In the Dallas area, the TMBA Education Symposium is November 6-7. The Symposium will be held at Westin Dallas Southlake, 1200 E State Hwy 114, Southlake. Early registration ends Oct. 2nd for the best registration rates. I will be there, so please say hi!

If your credit union’s due diligence for quality control relies only on last-minute adjustments during post-closing processes, chances are you’re spending too much time putting out fires rather than adequately serving members’ needs. Market changes demand a more comprehensive and proactive approach to due diligence, and the experts at ACES Quality Management have the wherewithal to help you make that adjustment. Tune into this Inside Track webinar on September 27th at 1 pm CST to learn the why’s and how’s of improving your QC processes.

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 is a dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. Listen to a unique mix of age perspective, expertise, and charisma to the screen, ensuring that the information is not only educational but also entertaining. Today features Phil Johnsen, SVP and General Manager of Altisource’s Servicing & Real Estate Solutions Group.

California MBA upcoming Mortgage Quality and Compliance Committee webinar, Navigating the Future of Work: Adapting Return to Office Policies, on Thursday September 28th at 11 A.M. PST. Expert panelists will provide valuable insight on the ever-changing work dynamics, the challenges of managing remote and in-house teams, and MLO enhanced requirements in CA (and other states).

Watch on demand, at your leisure: Millennials and Gen Z’ers represent the largest group of first-time homebuyers. In less than 10 years, 3.1 million will have entered the market. Of these buyers, roughly 75 percent of them report checking social media daily. Making social media a necessary strategy for loan officers. Join Homebot’s VP of Marketing, Ashley Remstad and Mortgage Advisor Sosi Avila as they discuss key strategies and tactics for using social media to your advantage. Register for the webinar here.

Friday the 29th is The Mortgage Collaborative’s Rundown covering current events in the mortgage market for 30-45 minutes starting at noon PT in “The Rundown”. Tom G. and I are joined by Laird Nossuli (iEmergent) and Evan Zuverink (First Commonwealth Bank) to take a dive into Special Purpose Credit Programs.

ACUMA’s Annual Conference is October 1-4 at Gaylord National Resort, National Harbor, Maryland. From legislative and regulatory issues to new marketing and service strategies to cutting-edge technology, conference topics are concurrent with today’s challenges, and networking is a paramount part of the program.

Educate & Elevate with National MI University’s October Webinars. 2023 NextGen Money Mindset: Findings & Insights with Kristin Messerli, October 3rd, 1pm ET. P&L and Balance Sheet Analysis for Self-Employed Borrowers ​​​​​with Marianne Collins – October 4th, 1pm ET. Coaching for Improved Performance ​​​​​with Andrew Oxley, October 5th, 2pm ET. Your Perfect Week with Rebecca Lorenz, October 24th, 1pm ET. Help! I’m in a Funk with Dr. Bruce Lund, October 25th, 2pm ET

MBAC 67th Annual Convention Oct 1-4, 2023 at the Francis Marion Hotel, Charleston, SC. Sponsorship opportunities available, reserve your room at the Francis Marion Hotel use Promo Code MBAC2023 for special rate, Last Day to reserve at this rate, September 11, 2023.

Join St. Louis MBA in Partnership with the Saint Louis Realtors Association for a presentation on the Headwinds & Tailwinds – Economy’s Impact on Housing Market and Where We’re Heading, October 5th, 10:00-11:00, at St. Louis Realtors Association, 12777 Olive Boulevard.

NYMBA ’23 Annual will be held at Turning Stone Resort Casino, October 4th -6th. Kick-off begins with the 2nd annual Golf Tournament at Turning Stone’s Shenendoah course, recently named in Golf Digest’s Editor’s Choice: Top 50 Golf Courses in the U.S. as one of New York’s award-winning courses.

Become a Certified Reverse Mortgage Specialist. CoAMP is partnering with NAMB to bring their CREV course to Denver, Friday, October 6th, 9:00 AM – 5:00 PM MDT at Steward Title: 7979 E Tufts Ave, First Floor Conf Room. Cost for NAMB Members is $199; Courtesy Associate Members and Non-Members is $298 (includes a NAMB Professional/Associate membership). The certification training will give you the information and tools necessary to successfully navigate the product, process, and conversation with potential borrowers.

ConFi Today’s third session webinar, Wednesday, October 11th 11:30 am–12:30 pm PT | 1:30 pm–2:30 pm CT | 2:30 pm–3:30 pm ET; Real Talk About Artificial Intelligence: How Will Enforcement Activity Impact the Use of AI in Consumer Financial Services, will focus on the latest issues and enforcement trends related to financial institutions using AI tools. Specific topics to be covered include Key risk areas, Emerging themes, Risk mitigation steps to take now.

Join Mortgage Bankers Association of Metropolitan Washington for a fast-paced, fun presentation walking through the Fed’s monetary policy, economy, interest rates and housing as we quickly approach 2024. Reading the Markets – A Real-time Economic and Interest Rate Discussion with Bill Bodnar, Thursday, October 19, 10 – 11 am.

Capital Markets

The “higher rates for longer” narrative from the Fed has led to selling in the bond markets over the last several days. Yesterday’s selling lifted yields on 10-year and 30-year Treasuries to fresh highs for the year. “Hawkish” chatter from Fed officials, the latest being Minneapolis Fed President Kashkari saying that a 25-basis point hike prior to year-end was likely, has been the main driver of investor sentiment. Economic data released yesterday showed weaker than expected New Home Sales (actual 675k, expected 695k) and a decrease in the Consumer Confidence Index for September. The U.S. Treasury sold $48 billion in 2-year notes to strong demand ahead of today’s $49 billion 5-year note auction.

Unfortunately, today’s calendar kicked off with mortgage applications decreasing 1.3 percent from one week earlier, according to data from the MBA. August durable goods orders have also been released (+.2 percent, stronger than expected). Later this morning brings a Treasury auction of $24 billion reopened 2-year FRNs and $49 billion 5-year notes. We begin the day with Agency MBS prices better by .125-.250 and the 10-year yielding 4.51 after closing yesterday at 4.56 percent.

Employment

“Are you ever overwhelmed and sense a lack of support? If you’re a business manager leading a hardworking staff and want more strategic guidance and additional resources to thrive, look no further. Nations Lending offers a full suite of tailored support for Producers. With a top-notch Operations department that focuses on streamlining processes to ensure efficient loan origination, with LO-friendly products like Direct Submit, for seamless loan file submission directly to Underwriting. And ACE (Accelerated Competitive Edge) Approvals, our comprehensive underwriting preapproval program saving you time. If you’re interested in excelling with a company that is credited with multiple awards, including three-time Inc. 5000 winner, eight-time winner of Scotsman Guide’s Top Mortgage Lenders, and three-time winner of Top Workplaces for Millennials by Fortune Magazine, then join our family. Become part of our nation and mission to make “home loans. made human.™,” visit Nations Lending to learn more.”

“Visit with a Mortgage Boutique at AIME’s Fuse National Conference in Vegas at booth #418 October 4-7! We are excited for the opportunity to connect with potential business partners, foster meaningful relationships, and explore collaborative pathways to enhance your lending capabilities. Dedicated to providing outstanding service to both clients and partners, a Mortgage Boutique places extraordinary talent at the forefront of our success. Allow us to introduce our newest addition, Alan Michaels, along with his dynamic team. Alan brings a wealth of industry knowledge and a track record of remarkable achievements to the AMB family. We’re thrilled to welcome him aboard and know his expertise will be an invaluable asset as we continue to expand our services and meet the needs of our clients. If you’re passionate about excellence and seeking to join a thriving team, consider a career with a Mortgage Boutique. Contact DJ Ziggas to learn more.”

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

Source: mortgagenewsdaily.com

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Apache is functioning normally

Data Mining, Digital Lending, Real Estate Database, Servicing Products; Conventional Conforming Program Shifts

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Data Mining, Digital Lending, Real Estate Database, Servicing Products; Conventional Conforming Program Shifts

By:
Rob Chrisman

49 Min, 7 Secs ago

As if lenders and vendors don’t have enough other stuff to worry about, the budgetary standoff in the U.S. doesn’t look like it will abate soon, raising the likelihood of the first government shutdown since 2019. Current funding for federal operations will end on October 1 unless a deal is reached or the proverbial can kicked down the road. Thousands of federal workers might be furloughed without pay. Sure it will be temporary, and its wider impact will likely be limited, but still even talking about it is lousy. According to Morgan Stanley, the last 20 government shutdowns that occurred since 1976 “appear to have had limited impact on the economy.” As for bond prices, a shutdown may cause some “temporary instability”, but this is not a given. There is talk of a short-term Continuing Resolution (CR) providing funding until later this year, but federal agencies, including HUD and Treasury, will cease to function normally. The National Flood Insurance Program (NFIP) authorities also expire on October 1st. The Mortgage Bankers Association created a guide outlining how HUD (including FHA and Ginnie Mae), VA, and USDA would be directly affected by the furlough of government employees and the curtailment of agency operations. (Today’s podcast can be found here and this week’s is sponsored by Built. Built is powering smarter and faster money movement for the entire construction and real estate ecosystem, all while reducing risk. Hear an interview with Servbank’s Bryan Crofford on how companies can best invest in employees, promoting longevity and success.)

Lender and Broker Software, Programs, and Services

Life can change on a dime, and sometimes even the most prepared borrowers end up facing financial hardships they never would have imagined. Forward-thinking credit unions are preparing today, so they can be there for their members when they need help the most. It’s why Mission Federal Credit Union implemented the MSP® loan servicing system, to not only improve their own efficiencies, but better serve their members who are facing financial difficulty. Are you ready to join Mission Federal Credit Union by enhancing your technology to be there for homeowners in life’s most challenging moments? Learn more about MSP today.

One thing that you can always count on in the mortgage space, is that regulatory requirements are always changing. This is why it’s critical for Banks or Mortgage Servicers to stay vigilant with comprehensive Compliance Testing and Monitoring to mitigate exposure and minimize risk. At the MBA Annual in Philadelphia, PA, Servbank’s Shayna Arrington will be helping us all do exactly that. Watch her moderate the panel, “Today’s Top Regulatory Issues” on Tuesday, October 17 at 1:30 PM, on 200 Level, Exhibit Hall E. Want to dive deeper into how Servbank can partner with you? Servbank will have a meeting space at the W Philadelphia on 10/16 and 10/17. Schedule some time to meet with them here: [email protected] or learn more at www.servbank.com.

One-Time Close (OTC) Volume Soars to record highs at AFR Wholesale® (AFR)! While housing inventory is still at an all-time low, OTC loans have witnessed an unprecedented surge in volume! In August, AFR closed more One-Time Close loans in one month than at any other time in their long history of offering the product. Homebuyers are increasingly drawn to the convenience and cost-saving benefits of OTC loans, as they streamline the construction process, reduce paperwork, and offer more favorable terms. This surge in OTC loans at AFR is not just a testament to its effectiveness but also an indicator of the outstanding clients and partners of AFR. Breaking news: As a thank you to their clients, AFR has also brought back FHA OTC on site-built homes!! This long-awaited product is back for partners of AFR to utilize now. Partner Today or contact AFR, email or call 1-800-375-6071.

One of the biggest questions for LOs in a down market is “How do I find more agent partners?” The answer is MMI. To find the right agent partners, you need the right data. MMI has assembled the industry’s most comprehensive real estate and mortgage transaction database which is leveraged by thousands of mortgage professionals daily. Using MMI’s database, LOs can easily search & filter, find an agent and at the click of a button, push the info to a CRM like Bonzo. Sign up for a demo today to see why a majority of the top 25 lenders rely on MMI.

Free eBook: Market-Proof: How to Build a Flexible Lending Business Resilient in Upcycles & Downturns. The exaggerated upcycles and downturns of the past few years underscore just how crucial it is for lenders to build resilience and flexibility into their businesses. To overcome today’s challenges, lenders need to hone their lending process at each step. In this new eBook, Maxwell provides 12 tips from industry veterans to help you optimize your mortgage process from loan application to the secondary market. You’ll get insight from exclusive interviews with industry veterans on how to increase efficiency, access economic scale, and become resilient to market volatility like never before. Click here to download Maxwell’s new eBook “Market-Proof: How to Build a Flexible Lending Business Resilient in Upcycles & Downturns.”

The transformation from paper to digital processes offers substantial benefits, including cost reduction and improved borrower experiences. Most lenders are in a hybrid phase, blending paper and digital processes. To navigate this ongoing change and ongoing innovations in the digital lending space, lenders should consider embracing five best practices: create a successful strategy, prioritize borrower experience, ensure compliance, harness technology, and stay adaptable in the evolving digital landscape. Tackle the future of lending by staying informed and proactive. For deeper insights into this digital lending revolution and actionable steps, read the full article.

“Heading to Vegas? The Total Expert team is in full force at the Digital Mortgage conference in Las Vegas! There are three ways to interact with us. The first is to stop by booth #501 to get your Customer Intelligence ROI report and learn how you could increase funded loan volume by 20 percent. You can watch a LIVE demo of Total Expert on Tuesday 9/26. Lastly, catch our Founder & CEO Joe Welu for a panel discussion: The Customer Data Goldmine Goes Way Beyond Credit Triggers on Wednesday 9/27.Schedule time to meet with the Total Expert team in Vegas.”

Freddie Mac, Fannie Mae, Conventional Conforming News

The Federal Housing Finance Agency (FHFA) released its second quarter 2023 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 47,370 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,818,471 since the start of conservatorships in September 2008. View the News Release

FHFA-OIG released two reports: Within the Federal Housing Finance Agency (FHFA), the Division of Federal Home Loan Bank Regulation (DBR) is responsible for supervising the Federal Home Loan Bank (FHLBank) System to ensure the safe and sound operation of the FHLBanks. In response to market disruptions, DBR adapted the scope of its Federal Home Loan Bank Supervisory Activities in 2023.

Regulated entities have not been immune to the trends affecting the labor market over the past few years. Some of the regulated entities experienced higher attrition in 2021 and 2022, consistent with trends in the broader labor market, but one Enterprise reported that its turnover rate started declining in 2022. Read the full report, People Risk at FHFA’s Regulated Entities.

Freddie Mac will update Loan Product Advisor® (LPASM) in October to support multiple recent Single-Family Seller/Servicer Guide announcements, plus more enhancements, described in Freddie Mac October LPA Releases.

Freddie Mac Loan Selling Advisor September Updates includes the following information: Uniform Loan Delivery Dataset (ULDD) Phase 4a Updates and Phase 5 Specification, Auto Evaluate on Import Loan, New Loan Delivery Rules Supporting the Duty to Serve Credit Fee Cap, Initial Principal and Interest Payment Amount Conditionality update, Auto Re-evaluate: Improvements to Modify and Evaluate, and Enhancements to Mandatory Cash Contracting.

Leverage Fannie Mae’s new edition of Beyond the Guide to help your organization build a best-in-class quality control (QC) program. Specific examples and scenarios provided can help teams understand and apply Selling Guide concepts in a way that is most impactful to their organization. A robust QC program helps strengthen loan quality ensuring a safe, sound, and resilient mortgage industry.

Fannie Mae Appraiser Update September 2023 edition focuses on dual themes of delivering high quality appraisals and understanding recent policy changes. Topics include updates to the Appraiser Independence Requirements (AIR), new options for 1004D completion, our stance on 3D printed homes, and more.

Fannie Mae posted the September Appraiser Quality Monitoring (AQM) list. Read the AQM FAQs.

Chris Whalen writes, “Our short take on the future of the GSEs (Government Sponsored Enterprises) looks a lot like the character played by Bruce Willis in the 1995 Terry Gilliam film, ‘Twelve Monkeys.’ Imagine if the GSEs were released from conservatorship, but then were immediately designated as a ‘systemically important financial institution’ (SIFI) by the FSOC. How do you think that would work for private investors? What would happen to the guarantee fees?”

Pennymac Conventional LLPAs updates effective for Best Efforts Commitments: Pennymac Announcement 23-58 replacement of ‘Purchase Special’ LLPA Grid with new ‘Area Median Income Adjustments’ LLPA Grid. Pennymac Announcement 23-59 introduces new ‘Investment Property’ LLPA to the ‘LLPAs by Product Feature for All Eligible Loans’ LLPA Grid. Pennymac Announcement 23-60 updates values for the ‘2nd Home Additional’ LLPA on the ‘LLPAs by Product Feature for All Eligible Loans’ LLPA Grid.

Pennymac is aligning with the FHFA based updated project review and eligibility requirements announced in Fannie Mae SEL 2023-06 and Freddie Mac Bulletin 2023-15, with the exception of any reference to co-op projects. View Announcement 23-61: GSE Updated Condo Project Review Requirements

Citizens Correspondent National Bulletin 2023-16 provides updates on the following topics: Conventional Conforming Products, Review requirements for condominium eligibility – DU and LPA, Gifts and Gifts of Equity – DU, 3D printed homes, Trust Income – DU, USDA-RD Product, Fiscal Year 2024 Conditional Commitment Notice, All Products, Disaster Tax Filing Relief.

PHH Mortgage Corporation updated Conforming Product listings for both Delegated and Non-Delegated loans.

Pennymac announcement 23-62: Fannie Mae SEL 2023-06 Condo Project Manager Updates

Citi Correspondent Lending Bulletin 2023-08 provides Credit policy updates regarding Non-Agency Depreciating Markets list updated, Condo & Co-Op Critical Repairs, Shared Equity and Shared Appreciation, LPA Asset, and Income Modeler (AIM), Continuity of Obligation: Limited Cash-Out, Hazard Insurance Update: Effective Date, and Taxpayer First Act.

On September 6, 2023, Fannie Mae and Freddie Mac announced Selling Guide policy changes addressing multiple topics in Fannie Mae SEL-2023-08 and Freddie Mac Bulletin 2023-18.

AmeriHome Mortgage accepts all revisions, view Product Announcement 20230910-CL for details.

Capital Markets

Ahead of today’s $48 billion 2-year Treasury auction, headlines to open the week revolved around increases in oil prices that’s evidence of inflation’s stickiness, Chinese developer Evergrande calling off talks with creditors as it appears headed for bankruptcy, and reaction to hawkish Fed remarks which is forcing yet another reprice from markets. There is growing sentiment that central banks across the globe aren’t done hiking rates, and Treasury yields trended higher to open the week as a result. With the calendar turning to fall, the economy is facing a few headwinds such as the run up in oil prices, student loan payment resumption, an expanding auto workers strike, and a partial shutdown of the U.S. government.

Every lender knows that mortgage rates remain above 7 percent, and housing data released over the last week highlighted another decline in builder sentiment. Housing starts fell 11.3 percent to a 1.25-million-unit pace in August. Existing home sales were down 0.7 percent in August as low inventory, high prices, and high mortgage rates continue to weigh on sales. Hoping for lower interest rates? A recession would likely mean lower interest rates, but workers with stable jobs (most individuals) would want to take advantage of low interest rates, causing home prices to rise faster. Initial jobless claims fell to 201k for the week ending September 16, which was the lowest weekly reading since January. The JOLTS report indicated that the demand for new workers is moderating somewhat however, significant layoffs are not on the horizon.

Today’s calendar includes the Philadelphia Fed non-manufacturing surveys for September, Redbook same store sales, July house price indexes from S&P Case-Shiller and FHFA, September consumer confidence, August new home sales, Richmond Fed manufacturing for September, Dallas Fed Texas services for September, the aforementioned Treasury auction of $48 billion 2-year notes, and remarks from Fed Governor Bowman. We begin Tuesday with Agency MBS prices a few ticks (32nds) better and the 10-year yielding 4.50 after closing yesterday at 4.54 percent. The 2-year is up at 5.12.

Employment

“At Fairway Independent Mortgage Corporation, customer service is a way of life. #FairwayNation mortgage loan officers are dedicated to finding great rates and loan options for our customers while offering some of the fastest turn times in the industry. Our goal is to act as a trusted mortgage advisor, providing highly personalized service and helping you through every step of the loan process, from application to closing and beyond.”

Logan Finance Corporation, a national Non-QM mortgage lender, is excited to welcome Aaron Samples to Logan’s Executive Leadership Team as Chief Revenue Officer. To learn more about why Aaron joined one of the fastest Non-QM lenders in the nation, contact Randy Viars.

The FHA has a job opening for a Senior Underwriter: Job Announcement Number 23-HUD-2915-P. Job duties include assisting the Branch Chief in monitoring the status of goal accomplishment. Advise the Chief of potential problems in attainment of goals and objectives. Research required underwriting procedures and techniques. Serve as an expert-level resource within his/her Office on matters relating to Underwriting and other Direct Endorsement issues.

Don’t forget that private mortgage insurance companies are hiring: MGIC, National MI, Arch MI, Radian, Essent, and Enact (in no particular order). And while’s we’re at it, Fannie Mae and Freddie Mac. And my cat Myrtle’s friend the CFPB.

Dovenmuehle Mortgage, Inc. announced that Robert Howerton has joined the organization as Chief Information Officer where he will be maintaining and expanding Dovenmuehle’s current information technology (IT) infrastructure.

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

Source: mortgagenewsdaily.com

Apache is functioning normally

Apache is functioning normally

Just weeks after New York-based digital lender Better Home & Finance Holding went public, Better issued pink slips to employees in early September in a new round of layoffs, Insider reported.

Better laid off about a quarter of its U.S. mortgage sales and origination team, according to the news outlet, citing two former employees who were affected by the latest downsizing.

The layoff news comes on the heels of Better going public via special purpose acquisition company (SPAC) Aurora Acquisition Corp. in August.

About 75 employees are left on the mortgage origination team in the U.S. as well as some employees in India, according to Insider. 

While Better didn’t respond to HousingWire‘s inquiry about the number of affected employees, spokeswoman Jessica Schaefer told Insider the firm has more than 100 people left on the team. 

Better plans to fill some vacant positions from the layoffs.

“As a publicly listed company, we’re focused on making prudent and disciplined decisions that account for market dynamics so that we can continue to serve both customers and shareholders for the long-term,” Better’s spokesperson said in an e-mailed statement to HousingWire.

“We are hiring more seasoned professionals who can sell in this tough mortgage environment and then making them 10X more productive through our continued investment [in] technologies such as Tinman and One Day Mortgage, which have created efficiencies that streamline and automate nearly every major function of homeownership,” the spokesperson said. 

As of June, Better had 950 team members, a 91% decrease over an 18-month period from 10,400 in Q4 2021, according to its previous filing with the Securities and Exchange Commission (SEC). 

While Better was an efficient refi shop during the pandemic years when rates hit record lows, the lender and other independent mortgage banks (IMBs) were hit hard by the Federal Reserve‘s monetary policy.

The digital lender reported a net loss of $45.5 million in Q2, an improvement from a net loss of $89.9 million the previous quarter.

In Q2, Better’s origination volume was $900 million across 2,421 loans, compared to production of $800 million across 2,347 loans funded in Q1.

When Better debuted on Nasdaq in late August, the SPAC deal unlocked $565 million of fresh capital for the unprofitable company.

The digital lender has pivoted its strategy from being a one-stop-shop to becoming a “mortgage-as-a-service” company or a white-label provider of mortgage tech.

“For things like homeowner’s insurance, title insurance, and Realtors, we’ve now just become a marketplace. We match the consumer with a partner capable of delivering the best product to them. So, we ended Better Real Estate for the sake of efficiency and savings for the consumer. We partner with best-in-class agents, insurance companies and title companies,” Better CEO Vishal Garg said in an interview with HousingWire in August.

Better will invest in tech-driven products like One Day Mortgage, a program that will allow customers to apply for a mortgage, get preapproved, lock their rate and receive a mortgage commitment letter within 24 hours.

“We are committed to further developing this technology during an interest rate environment where customers need it the most,” Better’s spokesperson noted.

Better was ranked as the 59th largest lender in Q1 2023, plummeting from the 19th in 2021, according to Inside Mortgage Finance.

Source: housingwire.com

Apache is functioning normally

Apache is functioning normally

This article originally appeared on Radical FIRE and has been republished here with permission.

When you’re planning on moving in with your partner, there are important money conversations you need to have before moving in with your partner. 

I’m planning to move in with my partner after we complete our four-month mini-retirement, where we travel to Central America together. I assume that after we’ve spent so much time together abroad, we should be fine with moving in together. Just one thing that should be discussed is our finances. 

Money Conversations with Partner

Moving in with someone requires some financial logistics to be arranged. You need to discuss who is paying which bills, who is responsible for what, and more. 

You know I love having money conversations, with my friends or with my family. I love to talk about money, that’s why I write on the blog. When no one wants to hear me talk about money for the gazillionth time, I’m just writing a blog post about my money thoughts.  

Now onto the money conversations that you need to have before moving in with your partner. I’ve had all these conversations over the past weekend just to know we’re on the same page. I recommend you also have them when you’re planning to move in with your partner!

Money Conversation #1: Do We Share Our Stuff?

I mean, is everything that was once mine now ours? Is everything that was once yours now ours? It’s about the tangible things that are in the house, not including money. This is something to think about before moving in together. 

If you have things that your partner also has, should you bring it? Or can you use one and get rid of the other one? If there are things that you don’t have yet but you know you need? Will you buy it together or will one of you buy it? 

In relation to that, we get to the next point.

Money Conversation #2: What Will We Do If … ?

You don’t go living together with your partner unless things are serious between you. You need to consider the possibility of the relationship ending sometime very far in the future (OMG!). Breakups and divorces are a possibility that needs to be considered. 

If you’re sharing things, what will happen after you stop being together? This is important for things like furniture and electronics, following the previous point. Will you share everything together, yes or no? 

Related read: 10 Ways Divorce can Affect your Credit

Money Conversation #3: Is The Money Going to Be Ours, Too?

It’s important to think about if you’re going to join finances or not. It’s a very personal thing to think about and it will differ for everyone depending on their situation. If your partner makes a lot less, you can decide to pay more towards the fixed monthly payments. Or vice versa. 

Just keep in mind that you should do something that makes you comfortable!

For me and my partner, we will not join finances. We’re having separate financial goals at the moment. I’m working towards my goal of financial independence and keeping a savings rate of over 80% consistently until we go on our travels. Meaning we’re not on the same page concerning money goals. 

That’s okay for now. He will look for a job after we return and we will decide how we will go from there. 

For our expenses, we will be splitting everything equally. I currently make more than my partner. The rent will be low enough for him to comfortably be covering half. If in any given month he cannot pay his portion of the rent or there are any other difficulties that won’t allow him to pay half of the rent, I will of course help him. 

Related read: How Renting Can Impact Your Credit

Money Conversation #4: How Will You Deal with Changes?

What if I lose my job? Or my partner can’t find a job after graduation? What if we need to move for work or someone can get a promotion abroad? All scenarios can happen. It’s extremely difficult to think about what you want to do when you’re not yet in the situation. It’s a good thing to discuss these matters a little in advance.

If you don’t know now how you will deal with these kinds of changes, think about how you’re both dealing with changes until now? When you’re both quite relaxed under changes, it’s unlikely that those changes will put stress on your relationship. If you’re both sensitive to changes, it might lead to stressful situations and it might be good to address those things at this moment.  

Money Conversation #5: What Do You Value Spending Your Money On?

Before you’re moving in with your partner, it’s important to talk about what you value spending money on? It can significantly differ among people. One person loves to go on big holidays, the other likes to drive their dream car, wants to have a big space to live in, or likes to have the latest tech gadgets. It’s good to know what they value. 

Before you’re moving in together, it’s important to understand what they value and what is important to them. The habits they have around the things they value may have an impact on your joint life together. 

My partner loves playing games and spends a great deal of time playing games both online and offline. He used to spend a good amount of money on getting new games, getting new consoles, or updating his computer. Currently, he doesn’t spend too much money on those types of things, but it’s still something to keep in mind when you’re going to live together. 

I used to buy a lot of clothes, but since getting on my clothing ban I haven’t bought any clothes. On the contrary, I’ve sold a lot of stuff around the house when I decided decluttering was the way I wanted to go. I won’t say I’m exactly a minimalist, but I’ve gotten rid of certain habits and I’m starting with a clean slate when I’m moving in with my partner. 

When we’ve talked about this point, he also asked me to give away/throw out all of the stuff I don’t use anymore. That way, we can start fresh when we’re moving in together, instead of just moving all my stuff simply from one place to another. 

It’s good to know what are the things that you might want to spend more money on, that you want to treat yourself on. For me and my partner that’s both the same thing: traveling. It’s important to know when money gets saved towards that goal and how much money will go towards that specific goal. 

Money Conversation #6: Where Do You Want to Go?

It’s important to discuss where you want to go in life? I would like to know how temporary our living situation will be. Are you or your partner already planning for a different job, relocation, or promotion? Do you want to have a family? Do you want to live in your city apartment with one bedroom, or do you want a big house in the countryside with a huge garden and two dogs?

You can address many questions in order to address where you both want to go. 

When we started dating, I told him I would go to the USA for five months shortly after. I am a dreamer, I love to think about what I want to do in my life and imagine where my life might be going. I already have some of my dreams about starting my own business, traveling, working abroad, and financial independence / early retirement. When I noticed our goals are compatible, even a few years down the line, that gives a huge boost to your relationship up until that point. 

Relationships require a serious amount of honesty, openness, and communication. You’re a team that will figure everything out that will be thrown at you, you’re in this together. 

Source: credit.com