Remember: April is National Procrastination Month! I could tell that my cat Myrtle was displeased the other morning. She’s very secretive about her finances, but my guess is that she’s “long” residential lender stocks and procrastinated selling them. Nearly every lender’s stock price is near all-time lows, making the sellers of these companies during the last few years look like timing geniuses. Earning notes on UWM and Rocket are below, but loanDepot shares have lost about 43.8% since the beginning of the year versus the S&P 500’s decline of -16.3%. Finance of America, which had a management shakeup in mid-March and moving President Bill Dallas to an advisory role, reported a net loss for the quarter of $64 million, but improving from a $1.33 billion loss in the previous quarter. (FOA acquired Parkside last year.) Guild Mortgage saw only $32 million Adjusted Net Income, and its stock is trading near an all-time low. Retail, wholesale, or correspondent, valuations are all ugly, but especially for companies heavily weighted in the channels with the lowest margins. And for companies that aren’t public, or are looking for a merger or acquirer, the impact of public company valuations must be felt. (Today’s podcast is available here and this week’s is sponsored by SimpleNexus, an nCino company and award-winning developer of mobile-first technology for the modern mortgage lender.) Lender and Broker Software and Services “Rising interest rates hurting refi volume? Button Finance, your Home Equity partner, is presenting our first Button It Up Learning Series webinar to highlight how you can get paid by using Home Equity products to help your clients unlock the power of their largest asset. The 1st edition of the Button It Up Learning Series will be covering second liens and the importance of leveraging them to retain your business. The Button It Up Learning Series will define what the second lien space currently looks like, how to use the products to help borrowers access their home equity for debt consolidation or home improvements, and cover some marketing practices to help expand your network. This is a unique opportunity that is completely free to brokers and loan originators looking for help to remain competitive in this uncertain market. It will be presented on 5/17 at 2:00 PM EST. Register here. Anyone that registers and attends will be entered in a drawing to win an Oculus Quest 2! Email for more info.”
Source: Mortgage News Daily