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Category: News and Trends
LBA Ware: Heavy Loan Volumes Keeps LO Compensation Elevated
LBA Ware, Macon, Ga., releases its third quarter Mortgage Loan Originator Compensation Reports, showing commissions earned by LOs increased by 50% from a year ago, because the average LO funded 51% more volume in the third quarter ($2.6 million per month) than a year ago ($1.7 million per month).
3Q Homeownership Rate Falls by 0.5%
Despite a jump in home purchase activity this summer—but also perhaps because of the coronavirus pandemic—the U.S. homeownership rate slipped by 0.5 percent in the third quarter, the Census Bureau reported Thursday.
The Week Ahead
It’s been one of those years…but there is light at the end of the tunnel. Tomorrow is Election Day, the culmination of a most unusual (and nasty) election campaign with the presidency, 35 Senate seats and all 435 House seats (plus territories) up for grabs.
MBA Advocacy Update Nov. 2, 2020
On Wednesday, HUD extended FHA’s appraisal and reverification of employment flexibilities through December 31. On Tuesday, MBA submitted comments in response to the proposed interagency flood insurance Q&A jointly issued by the OCC, the Federal Reserve, FDIC, NCUA and FCA. Also on Tuesday, MBA issued a call to action to MAA members in Pennsylvania urging Gov. Tom Wolf to approve legislation (HB 2370) that would permanently enable the use of RON in the state.
Quote
“Increased loan volume continues to deliver big paydays for loan originators as well as for loan processors, many of whom earn per-loan unit bonuses. The refi boom won’t continue indefinitely, though, and we’re already seeing some softening in refi volume even as consumer appetite for purchase loans sharpened in Q3.”
–Lori Brewer, Founder & CEO of LBA Ware, Macon, Ga.
Federal Agencies Propose Regulation Codifying Use of Supervisory Guidance
Five federal agencies on Thursday issued a proposed regulation that would codify a 2018 guidance clarifying that supervisory guidance does not have “force and effect of law.”
Rob Wiggins: 20 Years of Mortgage–A Look Back
The past 20 years in the mortgage industry have been full of change, innovation and most importantly, lessons to be learned. Even in just the past few months, mortgage lenders have had to completely transform their business processes in the wake of the COVID-19 crisis. As the industry continues to prepare for what’s next, it’s important to take a look back at how far the industry has actually come.
Paul Anselmo of Evolve Mortgage Services: A Primer on SMART Docs
Paul Anselmo is CEO and founder of Evolve Mortgage Services and SigniaDocuments Inc, a provider of outsourced mortgage platforms. He has more than 30 years of experience in the banking and mortgage industries.
Call for Speakers: MBA Independent Mortgage Bankers Conference & MBA Servicing Solutions Conference; Deadline Nov. 2
The Mortgage Bankers Association has issued a Call for Speakers for two important upcoming MBA conferences: the MBA Independent Mortgage Bankers Conference 2021 (January) and the MBA Servicing Solutions Conference & Expo (February). Deadline for speaker submissions is Monday, Nov. 2.