Here in Orange County, the mortgage talk runs the gamut. Sure, a recession would cause rates to drop, but before that happens, are residential lenders looking at a long autumn and winter? Our biz is dealing with broad topics such as affordable housing, housing inventory being impacted by potential sellers taking properties off the market, and the general trend in mortgage rates, all the way down to the cost of credit reports potentially approaching $100 per report and making sure you talk to your warehouse lender weekly (not weakly). Lenders are looking at cross-training skillsets: Prioritizing coverage and making sure to cross-train so people can play to their strengths. Analyzing what tasks they’re doing, and the best people to do it. Workflow? Lenders are minimizing file touches, using a cheaper resource for parts of the file, and moving more duties from underwriting to cheaper personnel. Using checklists: Once a file hits intake, if there is enough information to make a credit decision, have it go right to the underwriter. Meanwhile, from Texas David I. reminds me that the Atlanta Fed President disclosed trades “inadvertently” were made during blackout periods, prompting the latest Fed investigation. (Today’s podcast is available here and features an interview with Service 1st CEO Curt Knuth and NCS COO Lisa Binkley on VOE cascades and income documentation. This week’s is sponsored by EarnUp, reinventing payment and data flows in real estate ecosystems, origination, mortgage, and fintech.)
Source: Mortgage News Daily