When you own your own home, you don’t have to deal with unreasonable landlords. (Warning: uncensored.) And then there are those who own their own homes that have no mortgage: almost 40 percent of Americans own their places outright, an all-time high. Do you think that you could live in 200 square feet? There are tiny homes, and then there is this place that kind of folds up! (Thank you to Arch’s Sharon K. for sending this along.) Meanwhile, among lenders there are many reports of, what is in effect, pick-a-pay, when the “referral” source is moved within the company. LO comp is still an issue, as brokers can have different comp plans but LOs can’t. Pre-approvals and pre-quals off the chart, but there is no inventory. Multiple bids are occurring in many areas and price points. In the wholesale channel, smaller companies can’t out-price the “big guys,” so instead are focusing on service and products. And here come the holidays! (Today’s podcast can be found here, sponsored by Candor. Candor’s patented automated underwriting decision engine, CogniTech, is a state-of-the-art, 100 percent machine platform that can handle infinite loan scenarios. Lender and Broker Software, Products, and Services Are you struggling with declining production volumes and increasing costs per loan? Look no further. Outsourcing accounting is the elegant answer to this common challenge faced by independent mortgage banks. Whether you lack accounting expertise in-house or have a new team with no mortgage experience, the Richey May Client Accounting and Advisory Services (CAAS) team is here to provide the support you need. Our team consists of industry experts who can customize a solution to meet your specific needs in this volatile time, without requiring any additional training. Whether you need help transitioning to loan level accounting, a fully outsourced function, or industry training for your controller, we’ve got you covered. Contact Richey May today!
Source: Mortgage News Daily