I can’t take credit for, “People don’t care about how much you know until they know how much you care.” Empathy and maintaining contacts are oh so important for LOs, brokers, whoever is in contact with a client. Despite mortgage rates being the highest since July, refis now account for 41 percent of applications, and STRATMOR’s current blog is “Refis Help the Economy and the Industry is Ready to Help.” Meanwhile, lenders and vendors are keeping a close eye on Washington DC as well as the 50 state capitals. The MBA’s tools and resources for state associations, state legislative and regulatory committees, the Mortgage Action Alliance and MORPAC, advocacy and lobbying, and MBA state relations committees are all worth knowing about, at least, if you’re in this business. (Today’s podcast can be found here and this week’s is sponsored by CoreLogic. CoreLogic gives mortgage professionals the tools they need to establish long-term relationships with their clients, helping them keep future business in-house and transforming the way they do business. Today’s has an Interview with Onity Group’s Walter Mullen on the subservicing market as it pertains to technology, automation and data, consumer behavior, and what is possible with AI.)
Lender and Broker Services, Software, and Products
“Are you attending the servicing conference in Dallas next Month? Not much has changed with the traditional solutions offered in the servicing world. MortgageFlex is bringing innovation to loan servicing with a system inspired by decades of experience in the origination space. We have added full default to the industry’s first cloud-native servicing system. MortgageFlex Default is the first of its kind, built inside the full servicing system, and can also operate stand-alone. All other solutions are external products bolted on to support the default process. The application accommodates servicing of Loss Mitigation, Bankruptcy, and Foreclosure solutions. It is delivered with all 50 state foreclosure templates that the servicer can utilize and/or change themselves. Our SQL Database model includes real-time transactions, workflow queues, reporting, and free data access. Make an appointment with John McCrea or stop by booth 420 to see the future of loan servicing.”
Are you shopping for a new CRM? Is your technology system working for your sales team? Make 2025 the year you transform your tech stack into a tool your sales team loves. In Authentic Intelligence The Other AI, Usherpa’s founder, Dan Harrington, reveals the proven strategies behind 30 years of CRM sales automation success. This book uncovers the five critical factors that determine whether your sales automation platform succeeds or fails. Discover how to enhance (not replace) human relationships and turn the bottom 80% of your sales team into top performers. Whether you’re a sales manager, executive, or business leader, Authentic Intelligence offers a set of actionable strategies to get technology investments delivering measurable results. Pre-order now!
“MAXEX is pleased to announce Blake Scheifele has joined the company as Managing Director of its new Non-Delegated channel. Scheifele, the founder of Solve Mortgage and No Red Tape Mortgage, will lead a new division focused on the growing number of originators who offer jumbo, non-QM, DSCR and other non-Agency lending programs via pre-close non-delegated underwriting. Contact MAXEX or join our 2025 Kickoff Webinar on January 22 to learn more about this new offering.”
Home Equity Line of Credit Products
Symmetry lending can help close your condo with ease! NO condo questionnaire is required. NO additional condo documents. Purchase, standalone or 1st lien Investment HELOC. Maximum Line Size: $750,000 (80.00% CLTV) $500,000 (89.99% Max CLTV) $3 MILLION: Total maximum combined loan amount. FNMA Guidelines with limited overlays. Contact your Area Manager for parameters. https://symmetrylending.com/areamanager.
“Rhyze Residential is on schedule for a Spring 2025 launch of its Delegated Correspondent HELOC solution. Powered by the capital markets capabilities of Rhyze and its CUSO partners, this new program is designed as the market’s first win-win-win value proposition for mortgage bankers that desire to maintain full control of their brand and deliver a true HELOC product that competes with local financial institutions. Immediately available at launch, this program will be a solution for both piggyback and stand-alone HELOC needs. Mortgage Bankers interested in learning more about this new Delegated Correspondent HELOC solution, please contact us via online inquiry, email us, and bookmark our new Rhyze Residential Website.”
Conventional Conforming Updates
FHFA and U.S. Treasury Announced Amendments to the Preferred Stock Purchase Agreements (PSPAs). FHFA and Treasury have agreed to delete the provisions of the PSPAs that were suspended pursuant to their September 14, 2021, Letter Agreement and to make other modifications. These changes provide Fannie Mae and Freddie Mac (the Enterprises) with more flexibility to better support access to homeownership and rental housing. In addition, the amendments clarify that the Enterprises must meet the capital requirements established by FHFA as amended over time. The amendments also include technical changes or clarifications applicable to the Enterprises’ financial reporting.
Freddie Mac is streamlining its technology users’ workflow. On January 27, 2025, Loan Advisor and Servicing Gateway will be replaced by Freddie Mac Gateway, a new single-entry point to the Single-Family tools Seller/Servicers need to manage loans throughout the entire mortgage lifecycle. With tools from origination to servicing, Freddie Mac Gateway is one platform, one login, one doorway to our technology solutions. Get a Preview of a New Portal to Freddie Mac Technology Tools.
AmeriHome 20241203-CL Product Announcement details its acceptance of changes recently published by Fannie Mae announcing changes to several topics, including updates to leasehold provisions.
Fannie Mae and Freddie Mac announced they are extending the $2,500 VLIP Mortgages Credit through February 2026 and updating eligibility to require at least one Borrower to be a First-Time Homebuyer. View AmeriHome Product Announcement 20241204-CL for details on eligibility updates.
PHH Mortgage has made several modifications to the Seller Guide to adhere to agency guidelines and incorporate advancements.
National MI is pleased to announced updates to the TrueGuide® and Recission Relief Guide reflecting multiple changes and clarifications. For details, view National MI Announcement Bulletin: UW 2024-05.
Important update and extension of Temporary Down Payment Assistance for HomeReady and Home Possible Products are discussed in Pennymac Announcement 24-131.
Fannie Mae published SEL-2024-08, announcing changes to several topics, including updates to limited cash-out refinances. View AmeriHome Product Announcement 20241205-CL for details.
American Legal & Financial Network (ALFN) posted industry updates regarding Fannie Mae allowable attorney fee and other Servicing Guide updates.
AmeriHome Mortgage General Announcement 20241208-CL summarizes previously published changes made during December, additional changes made with this announcement, and recent Agency and regulatory updates.
Capital Markets
The first full work week of 2025 kicked off the way 2024 ended: with bond yields rising. The 30-year yield hit its highest level since November 2023 while the 10-year yield hit its highest level since last April. Economic data yesterday included the ISM Services report for December, which showed a significant increase in the Prices Index, signaling higher inflation pressures. At the same time, the November JOLTS report (Job Openings and Labor Turnover Survey, JOLTS, from the Bureau of Labor Statistics) revealed a rise in job openings to 8.098 million from 7.839 million, indicating continued strength in the U.S. labor market. Neither report will do much to quell concerns about persistent inflation, which has dampened expectations for an immediate rate cut from the Fed. The day’s $39 billion 10-year Treasury note reopening met soft demand.
Today’s economic calendar includes a couple of economic reports that have been moved up a day due to tomorrow’s early close for the bond market (and full close for equities) in observance of the National Day of Remembrance for former President Jimmy Carter. The calendar kicked off with mortgage applications from MBA, which decreased 3.7 percent from one week earlier. (This week’s results include an adjustment for the New Year’s holiday.)
Ahead of Friday’s payrolls report, we’ve received ADP employment for December (122k jobs added) and weekly jobless claims (201k, lower than expected; 1.867 million continuing claims). Later today brings wholesale inventories and sales, Treasury activity that will be headlined by $22 billion reopened 30-year bonds, consumer credit for November, remarks from Fed Governor Waller, and the release of the minutes from the December 17-18 Federal Open Market Committee meeting. We begin the day before a day of mourning with Agency MBS prices worse about .125 from Tuesday’s close, the 10-year yielding 4.70 after closing yesterday at 4.68 percent, and the 2-year is yielding 4.28.
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