Jim Rosen is Executive Vice-President of Services at Mortgage Cadence and has more than 20 years of experience in the mortgage software and services industry. He has been with Mortgage Cadence for nearly eight years and was instrumental in launch of the company’s new MCP loan origination platform.
Category: News and Trends
Jeff Flory, CMB, AMP, of Baker Tilly: CFPB Increases Scrutiny of Mortgage Servicers as Pandemic Emergency Eases
It is not surprising that the CFPB has increased its scrutiny of mortgage servicers, particularly as the industry moves from a COVID-19 pandemic-induced emergency state to a more normalized servicing environment.
June Purchase Mortgage Applications for New Homes Decreased 12%
Mortgage applications for new home purchases decreased 12 percent compared to a year ago, the Mortgage Bankers Association’s Builder Application Survey reported.
MBA Forecast: Higher Rates, Economic Uncertainty to Slow Commercial/Multifamily Lending
Total commercial and multifamily mortgage borrowing and lending could fall to $733 billion this year, down 18 percent from 2021 totals, according to an updated baseline forecast from the Mortgage Bankers Association.
MBA: Share of Mortgage Loans in Forbearance Decreases Slightly in June
The Mortgage Bankers Association’s monthly Loan Monitoring Survey revealed the total number of loans now in forbearance decreased by 4 basis points from 0.85% of servicers’ portfolio volume in May to 0.81% on June 30.
Builder Confidence Plunges as Affordability Woes Mount
The National Association of Home Builders reported builder confidence plunged in July as high inflation and increased interest rates stalled the housing market by dramatically slowing sales and buyer traffic.
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“Mortgage applications declined for the third week in a row, reaching the lowest level since 2000. Similarly, with most mortgage rates more than two percentage points higher than a year ago, demand for refinances continues to plummet, with MBA’s refinance index also falling to a 22-year low.”
–Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting.
MBA Chart of the Week July 15 2022: Cost to Service Loans Per Employee
MBA’s annual Servicing Operations Study and Forum includes a deep-dive analysis and discussion of servicing costs, productivity, portfolio activity and operational metrics for in‐house servicers. This week’s MBA Chart of the Week shows 2021 fully loaded servicing costs, which include three components: direct expenses; unreimbursed foreclosure, REO and other default costs; and corporate administration costs.
Chayan Jagsukh of Tavant: Borrower Data Privacy: The Unsung Differentiator
With the vast amount of information required to approve a mortgage/home loan, it’s the responsibility of the lenders to ensure that the privacy of the information collected from the borrower is maintained.
MBA Premier Member Profile: Salesforce
Salesforce is the #1 CRM, bringing companies and customers together in the digital age.