As I gaze at the snowfall here in the Sierra, it’s a perfect time to indulge in a 15-second classic video (with sound) illustrating how our banking system operates. It’s a captivating piece that you might find yourself watching more than once, and it’s a fun activity to involve your kids in deciphering its intricacies. Speaking of numbers, let’s delve into a fascinating trend: the decline in the number of banks in the United States.
From its peak of 30,456 in 1921, the bank population has dwindled to a mere 4,377 by the end of 2020, marking an astonishing 86 percent decrease. This trend sparks concern among thousands of residential lenders, hoping not to follow a similar trajectory. Shifting gears to a different numerical trend, the United States is currently witnessing an unprecedented boom in oil production, surpassing any historical records with a staggering output of 13 million barrels per day.
This surge has inflicted economic strain on countries within OPEC+, leading to a significant decline in their global market share, plummeting to a new low of 48 percent. This development holds particular relevance in the context of inflation, a key determinant influencing mortgage rates. Moreover, it promises to be a compelling issue over the next eight months as two octogenarians contend for the top leadership position. This week’s podcast is sponsored by nCino, creators of the nCino Mortgage Suite designed for the contemporary mortgage lender.
The suite integrates three core products – nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics – to seamlessly unify the people, processes, and stages involved in the mortgage process. Tune in to hear an interview with Nerdwallet’s Kate Wood, offering insights on the housing market supply and valuable advice for prospective homebuyers.
Loan Officer and Broker Solutions, Offerings, and Technology
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Third-Party Origination (TPO), Brokerage, and Correspondent Lending Product Updates
The Newrez Correspondent team has had a dynamic first quarter, unveiling several exciting updates and initiatives. We’ve initiated delegated pilot programs for both 2nd Mortgages and Non-QM loans, with further enhancements in the pipeline. Coming soon are improvements such as expanded grant products for HomeReady® and Home Possible®, FHLMC’s GreenCHOICE, FHA HUD 184/Heritage, Co-Issue offerings, and refinements to our Non-QM Smart Series programs and Enote expansion.
Moreover, our top clients from 2023 will soon receive our Premier Partner Plaques (PPP) in recognition of their outstanding partnership.The PPP award celebrates the collaboration and is bestowed upon lenders who achieved top rankings for loans funded in the previous year. Partnering with Newrez Correspondent offers numerous benefits, and we invite both prospective and existing partners to reach out to our sales team for further details.
Rocket Pro TPO has rolled out an update to its product offerings, notably its Credit Upgrade program. Previously exclusive, this service is now accessible to all partners, offering a no-cost, rapid rescore service for clients with credit scores ranging from 570 to 779. The aim is to assist them in qualifying for superior loan products and rates. Additionally, Rocket Pro TPO introduces a Home Equity Loan product designed to enable clients to leverage their home equity while safeguarding their low mortgage rates.
This fixed-rate, lump-sum payment option provides stability compared to variable-rate loans. For those eager to explore Rocket Pro TPO’s cost-saving products, the replay of their latest IGNITE Live seminar is available on their YouTube channel. Contact Rocket Pro TPO for more information on Broker or Non-Delegated Correspondent partnerships.
Angel Oak Mortgage Solution now offers Bank Statement Loans tailored specifically for self-employed individuals with a minimum of one year in business.
Expand your client base with LoanStream’s Non-QM Programs, featuring loan amounts of up to $4 million. LoanStream’s NaNQ/Non-QM Programs are proprietary offerings designed to cater to the mortgage needs of LoanStream brokers with non-prime programs.
Credit Evaluation Essentials
In the realm of mortgage lending, understanding the quintessential components of credit evaluation is paramount. Originating from a simpler era, the foundational pillars of credit assessment remain steadfast amidst the evolving landscape of credit scoring methodologies, reporting intricacies, and regulatory frameworks.
The mnemonic “5 C’s” encapsulates the pivotal aspects: character, capacity, capital, collateral, and conditions. These enduring principles serve as guiding beacons for underwriters and loan originators navigating the intricate terrain of credit assessment.
Amidst the current discourse surrounding credit costs, scoring modalities, and reporting methodologies, significant shifts are on the horizon. The forthcoming integration of the “bi-merge” credit reporting option alongside the transition from Classic FICO heralds a paradigmatic transformation slated for the denouement of 2025. This convergence is anticipated to streamline processes and mitigate complexities, fostering a more seamless credit evaluation framework.
FHFA’s recent pronouncements delineate a strategic roadmap for the implementation of new credit score requirements. The acceleration of historical data publication on the VantageScore 4.0 model underscores a concerted effort to bolster preparatory measures. These initiatives, coupled with stakeholder engagement forums, underscore FHFA’s commitment to fostering an inclusive and informed dialogue surrounding credit score initiatives.
However, amidst these transformative endeavors, challenges loom on the horizon. The recent escalation in credit reporting costs, compounded by successive price hikes, casts a pall over the credit reporting landscape. Credit reporting agencies (CRAs) grapple with the onus of navigating these fiscal exigencies while ensuring continued service excellence to their clientele.
Moreover, compliance imperatives loom large, with regulatory bodies such as the FTC exercising vigilance in enforcing the Equal Credit Opportunity Act (ECOA). The issuance of the Annual Report on ECOA Enforcement and Policy Development Activity serves as a clarion call for heightened compliance vigilance among industry stakeholders.
As the mortgage industry navigates the confluence of evolving credit evaluation paradigms and regulatory mandates, astute stakeholders remain poised to adapt and innovate, forging a path towards enhanced operational resilience and regulatory compliance.
Market Dynamics in Capital Markets
The Federal Reserve has consistently advocated for market patience regarding potential rate cuts, a stance reinforced by the central bank’s favored price measure, which surged in January at its quickest pace in nearly a year, reaching 2.4 percent. January witnessed a 0.4 percent increase in inflation from the previous month, compared to a downwardly revised 0.1 percent uptick in December. Meanwhile, the core inflation rate soared by 2.8 percent year-over-year.
Additionally, personal incomes experienced a notable 1.0 percent rise in January, surpassing expectations, primarily fueled by the annual boost in social security cost of living adjustments. Despite these figures, Federal Reserve policymakers maintained their stance, indicating that easing measures could commence in the summer, emphasizing the need for patience.
In tandem with these developments, February’s Chicago Purchasing Managers’ Index (PMI) fell below expectations, signaling weaker economic activity. The Pending Home Sales report for January also disappointed, posting a 4.9 percent decline. Although initial jobless claims for the week ending February 24 increased to 215,000—a relatively low figure historically—continuing jobless claims for the week ending February 17 surged by 45,000 to 1.905 million, the highest level since November.
This uptick suggests a more challenging job market, indicative of a less tightly run labor market than previously observed. The four-week moving average for continuing claims reached 1,879,750, its highest since December 11, 2021.
Today’s economic calendar lacks any primary market-moving news but features a lineup of seven scheduled speeches by Federal Reserve officials. Additionally, key data releases include the final February S&P Global Manufacturing PMI, ISM Manufacturing PMI for February, January construction spending, and Michigan sentiment for February.
As the 10-year yield climbed by 28 basis points in February, March begins with the 10-year yield at 4.23 percent, Agency Mortgage-Backed Securities (MBS) prices improving by approximately 0.125, and the 2-year yield at 4.59 percent.
Employment Trends
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SecurityNational Mortgage Company welcomes Mark Pasternak as its newest Vice President of Mortgage Operations, marking a significant addition to its leadership roster. With over thirty years of industry experience, including a recent tenure as EVP of Operations at Academy Mortgage, Pasternak brings a wealth of expertise in both sales and operational management to his new role.
Andrew Quist, President of SecurityNational Mortgage Company, expressed confidence in Pasternak’s ability to drive operational excellence, stating, “Mark’s extensive experience and innovative approach will greatly benefit our operations team. Despite the challenges posed by the current mortgage rate environment, SecurityNational remains committed to attracting top industry talent like Mark, aligned with our growth-oriented objectives. We look forward to the positive impact Mark will make on our operations.”
Pasternak’s appointment underscores SecurityNational’s dedication to recruiting top-tier professionals to lead its strategic initiatives, positioning the company to enhance operational efficiency and elevate service standards.
Banner Bank, serving the Northwest and California regions, is actively seeking Mortgage Loan Officers eager to cultivate enduring relationships with Realtors and builders in a market-focused banking environment. Offering opportunities for local decision-making and a diverse range of lending products, including FHA, VA, USDA, state bond programs, and true Portfolio lending, Banner empowers lenders to provide tailored solutions to clients.
Additionally, the bank offers CRA lending with private-label no payment down payment assistance, ensuring accessibility to all borrowers. Whether part of an established team or an individual seeking career advancement, Banner Bank provides the ideal platform for professional growth. Interested candidates are encouraged to submit resumes to Aaron Miller for consideration.
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