John Kenneth Galbraith said, “The only function of economic forecasting is to make astrology look respectable.” How about forecasts of how dramatic this downturn has been for residential lenders and related third parties? What is making the headlines these days are companies that are not reducing their workforce, since on the flipside nearly every lender, large and small, are having layoffs, as well as many vendors from small to large (like ICE’s cutbacks in its mortgage group which had an operating loss for the second quarter of $6 million). Behind the scenes? STRATMOR Partner Jim Cameron notes, “While the industry struggles with downsizing, correspondent investors are seeing a greater incidence of manufacturing defects as loans are delivered to them. The industry is originating ‘harder to do’ loans and lenders are cutting staff which is not a great combination.” (Today’s podcast is available here and this week’s is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology and other services in the mortgage industry and in banking. Today’s offers a quick interview with yours truly as a primer on what the seller/servicer information released last week might mean for smaller lenders.) Lender and Broker Services, Software, Programs “NFTYDoor, a digital home equity lender, is excited to welcome Seth Cohen as its Chief Growth Officer. With over 20 years of experience in mortgage banking and client relations, Cohen brings a wealth of expertise in strategy and operations, industry trends, and relationship development. Seth’s role will focus on expanding NFTYDoor’s footprint as a premier wholesale home equity lender. “NFTYDoor offers lenders a plug-and-play home equity solution. It’s branded to the lender – from the loan application to digital closing to servicing,” said Cohen. “During these difficult times in our industry, I think NFTYDoor offers loan officers a genuine value-added service to offer their customers, which aligns with a customer for life strategy.” To learn more, contact us or visit us.”
Source: Mortgage News Daily
