I am in Reno today, Spokane tomorrow, but I spent much of last week in Chicago which is very much a melting pot of languages. One can walk down the street and hear similar words for the same thing: Hypothèque (French), hipoteca (Spanish), hipotēka (Latvian), hypotheek (Dutch), and hypothek (German). You’ll have to figure out the word on your own. Renovation there is indicative of what is happening in many other cities: Developers and city agencies in Chicago are working together on the LaSalle Street initiative, which seeks to bring 1,000 homes (including 300 affordable ones) to a mostly shuttered stretch of the city’s financial district. With plenty of people still content to work from home, living in a converted empty office may be the answer to the housing crisis in many areas. (Today’s podcast can be found here and this week’s is sponsored by the STRATMOR Group, the data-driven mortgage advisory. At STRATMOR, insights and knowledge are applied to guide mortgage clients to make sound strategic decisions and take actions that improve their success. Today’s has a wide ranging interview with DoorLoop’s David Bitton on property tech advancements and a bonus discussion on how to get the most out of ChatGPT.)

Lender and Broker Software, Products, and Services

Fall in love with REMN Wholesale! Take advantage of its free RENOVATION LENDING WEBINAR, Thursday, February 16th @ 2PM ET, designed to help you stand out from the crowd and become a Renovation Loan Expert! Click Here to register. REMN knows renovation! REMN’s 5 DAY HELOC PROGRAM: Minimum FICO score has been reduced to 620! Available in 41 states. Approvals in minutes, closings in as little as 5 days! (Ineligible states: DE, HI, KY, MD, MS, NY, SC, TX, WV & DC). TEMPORARY BUYDOWN OPTIONS: REMN offers 3-2-1, 2-1, 1-1-1, 1-1, and 1-0, buydown options to structure, structure, and structure. In addition, temporary buydowns now available for Non-QM (Simple Access) products. REMN Wholesale is now on the Lender Price platform; partnered and accessible on the ARIVE platform (Click Here); and proud multi-year supporter of AIME, and multi-decade supporter of NAMB.

Americans have more equity in their homes than ever before. With increased equity comes a surge of home equity lines of credit (HELOC) lending, and lenders need the right tools to confidently navigate this rise in home equity loans. Using an automated valuation model in home equity lending can save the lender time and money, savings that can then be passed on to the homeowner. Before you choose an AVM for your HELOC lending, ensure the AVM is accurate, unbiased, and can fit your exact needs. Ask your AVM provider these five questions to ensure you're getting the most out of this powerful technology.

“Heading to Orlando for the MBA Servicing Solutions Conference and Expo? Schedule some time to meet with mortgage servicing executives from Flagstar Bank. Flagstar is the nation’s 6th largest subservicer, 12th largest servicer, and only full-service bank subservicer. The bank services over 1.4 million borrowers, representing $343 billion in home loans. We apply the same high standards, service levels, and regulatory oversight to our clients’ portfolios that we use with our own. Contact Don Klein, SVP of Business Development, to set up a meeting at the conference so you can discover what makes Flagstar the mortgage banker’s bank.”

"Configuring and customizing platforms can often be a challenge in this industry, but Polly has made everything so simple. The platform's usability is second-to-none. As well as making our lives significantly easier, this has helped us deliver greater value to our customers." Day-to-day activities like running scenarios, managing rules and margins, and experimenting with new filters shouldn't be so complicated. Polly delivers intuitive rule management and patent-pending margin management capabilities that make it easy for the everyday user to make intricate changes at a moment's notice, without having to be a tech expert. Read this informative use case testimonial to learn how Homespire Mortgage is now saving approximately 1.5 hours of daily configuration time across 150 users in their org. It's time to re-evaluate your legacy PPE and ask yourself: What would (or could) you accomplish if you had 20 percent of your week back?! Download the full case study.

“Your alma mater may be highly regarded for its premier academics or championship sports teams, but odds are your professors didn’t teach a course on MSR valuation. Optimal Blue knows how important it is to maximize MSR assets amid today’s volume challenges. That’s why we’re offering a free webinar on March 8 titled MSR 101: How to Value the MSR Asset. MSR experts Vimi Vasudeva and Tony Paciente will discuss the different assumptions that factor into MSR valuations and how MSR assets can help you optimize profitability. Attendees will gain a thorough understanding of the asset from a valuation perspective, along with the differences between various valuation approaches. Save your seat today for this inaugural webinar in Optimal Blue’s MSR series.”

Brokers know that market conditions are moving fast: deliver up-to-date info to clients with Axos Bank’s Quick Pricer. It’s a quick, reliable tool to run real-time mortgage rate quotes for all of your loan scenarios. Add it to your 2023 toolkit, along with our flexible loan program, to help exceed your origination goals. Our flexible loan program allows you to tailor the loan to meet your clients. Our program allows you to choose from a variety of Agency, non-QM, Jumbo, and Super Jumbo options. Plus, lean into our top underwriting programs: Cross-Collateralization, Bridge-to-Sale, Pledged Assets, DSCR, Deferred Interest, and Bank Statement Qualifying. Take our Quick Pricer for a test drive or contact J (James) Shoop, National Sales Director, to schedule a meeting to learn more about partnering with Axos Bank.

“Candor Technology will be a proud sponsor and exhibitor at ICE Experience 23 in Las Vegas from Feb 27 to Mar 1. Candor is looking forward to sharing innovative enhancements to our patented automated underwriting technology and new, revolutionary offerings that could cut your cost to manufacture a loan by up to 50 percent! Visit us at booth #202 to learn more and enter to win cool prizes! Want to be first in line to learn what's new? Click here to schedule time during ICE. Not going to ICE? Click here to schedule time to catch up.”

Fannie Mae Results

This morning Fannie released its fourth quarter and full-year 2022 results. “$12.9 billion annual net income and $1.4 billion fourth quarter 2022 net income, with net worth reaching $60.3 billion as of December 31, 2022. Net income decreased $9.3 billion in 2022 compared with 2021, primarily driven by a $11.4 billion shift to provision for credit losses and a $1.6 billion shift to investment losses, partially offset by a $1.1 billion increase in fair value gains. $684 billion in liquidity provided to the mortgage market in 2022. Acquired approximately 1,151,000 single-family purchase loans, of which more than 45 percent were for first-time homebuyers, and 886,000 single-family refinance loans during 2022. Approximately 598,000 units of rental housing financed in 2022, a significant majority of which were affordable to households earning at or below 120 percent of area median income, providing support for both workforce and affordable housing.

Training, Events, and Webinars in February

I know that I have been remiss in making updates, but a decent attempt at all the conferences this year can be found here.

Today join the ABCs of Appraisal’s Webinar at 11AM PT, reserve your spot now. Restrictions apply to promotions, talk with your LoanStream Account Executive for details.

In Spokane, Washington, SAMP, on Wednesday evening, February 15th, will be hosting a dinner where I am honored to be speaking and answering questions. (For information, contact Staci Hardee.)

Join TMBA’s next educational webinar, Using Social Media Effectively & Compliantly, on February 16, 2023, from 11:30 am - 12:30 pm. Moderator Ryan Black, along with panelists Tony Florence, Melissa Thomas, CMCP, and Joe Thompson, will discuss how loan officers are effectively using social media to increase business as well as the compliance concerns and implications that lenders should consider.

Join MeridianLink® for a live webinar to discover how you can help your accountholders access their best consumer and mortgage loan options in seconds, allowing you to make a positive impact on your bottom line. Register for Innovative Solutions for Increasing Wallet Share in Today's Market, Thursday, February 16th, 11 a.m. PT | 2 p.m. ET.

REMN Wholesale is offering its free Renovation Lending Webinar, Thursday, February 16th @ 2PM ET.

This Friday the 17th at noon PT is the next edition of The Mortgage Collaborative’s Rundown with Rich Swerbinsky, and me. It will be co-hosted by Sales Boomerang (with a new brand rollout) and co-host Alex Kutsishin. We’ll will be covering current events in the mortgage market for 30 minutes starting at noon PT in “The Rundown with Rich and Rob”!

Join NYMBA for "Affordable Fridays," a series of webinar and events designed to educate lenders on affordable housing programs and grants that aim to increase home ownership in New York. NYMBA Affordable Friday Next Session is February 17th at 12pm.

Join WMBA on Tuesday, Feb. 21, 3:00-4:00pm, for an exclusive CEO panel and hear from those with a birds eye view what their vision is for now and the future as well as a look back at 2022 and an opportunity to ask questions. Sign up now, if you are unable to attend these programs live, a recording of the program will be sent to you within 7 days, including any supplementary materials.

Come join an amazing lineup of authors, veterans advocates and real estate influencers at the launch of The VA Home Loan Video Planner on Wednesday, February 22nd. Learn how you can help our nation's heroes with access to affordable home loans by creating videos that educate them about their options. This exciting event featuring best-selling authors, Ginger Bell, Edumarketing, and Marshall Sparkman, Sparkman Lending for a live launch at 1:30 pm ET. They will be joined by Eddy Perez, EPM, Nick Nichols, Folds of Honor, Carl White, Mortgage Marketing Animals, Frank Garay, Loan Officer Breakfast Club and Scott Schang, Find My Way Home! Secure your spot today by registering through MortgageInfluencers.com, then get all the details on www.vahomeloanvideoplanner.com. It's sure to be an enlightening experience in giving back!

It's a new year in an ever-changing market and I am teaming up with Kind Lending to help you understand the ins and outs of the mortgage world with a few tips to help you & your business thrive! Join us Wednesday, February 22nd at 10:30 am (PST).

Ginnie Mae and the National Credit Union Administration (NCUA) will co-host a February 22nd webinar, “Ginnie Mae 101” covering topics such as Ginnie Mae’s business model, mortgage-backed securities programs, and partnership opportunities. Read the Press Release for complete details.

SimpleNexus, an nCino company: Join SimpleNexus’ Ben Miller and David Bolin on February 22 at 3:00 PM EST for a live webinar highlighting strategies and tools that drive production, performance, and profits in a tight market. Register now to save your seat!

On Thursday, February 23rd at 11 am PT | 2 PM ET, join Carrington Correspondent for FHA Manual Underwriting: Credit Fundamentals webinar. Carrington will bring its many, many years of manual underwriting experience to the table and show you how we look at the borrower's entire story, including extenuating circumstances and compensating factors, to justify loan approvals.

The next monthly Mortgage Quality and Compliance Committee (MQAC) webinar, Demystifying the SCIF Form, is on Thursday, February 23rd at 11 AM PST. Don't miss this exciting opportunity to hear from panelists from Guaranteed Rate and Firstline Compliance as they explore the SCIF Form (Supplemental Consumer Information Form), creating a robust limited English program, and how to implement IT, scripts, forms, and training.

Join AIME and MMBBA for breakfast, networking and a top producers panel on Thursday, February 23, 2023 | 11:00 AM - 1:00 PM at Busboys and Poets.

Lender Toolkit is putting on its 2023 Lender Toolkit Supercar Experience, brought to you by Lender Toolkit, Lenders One and Reggora, the exotic car racing event will take place on February 27 from 12:30-4:30 pm just before the start of ICE Experience 2023 Feb 27 – Mar 1.

Capital Markets

Ahead of today’s release of the Consumer Price Index report for January, we learned yesterday that Americans have drastically reduced their expectations for household income growth. In the securities market, spreads tightened further, meaning mortgage-backed security prices rose more than Treasury prices of corresponding durations, as the NY Fed’s Survey of Consumer Expectations for January showed that, on the whole, there was little pullback in inflation expectations. In addition to today’s CPI reading, the week ahead also contains the Producer Price Index, housing starts and builder sentiment, retail sales, small business optimism, and leading economic indicators.

During an interview last week Fed Chairman Powell suggested that the economy could achieve the desired “soft Landing,” citing January’s robust jobs report as evidence. The strong job market shifted expectations that the Fed would pause the current tightening cycle with a 25 basis points rate hike in March as the implied probability for an additional 25 basis points hike in May is now at 74 percent. Many analysts firmly believe there will be no hint of easing rates until sometime in 2024. The elevated rate environment slowed growth in consumer credit towards the end of last year and revolving credit saw its smallest increase since August 2021 as demand waned. Real GDP growth for the first quarter is estimated at a modest 2.2 percent and some analysts are forecasting minimal growth for the year.

The aforementioned, all-important, January CPI is out. Inflation was +.5 percent, core +.4 percent, about as expected. Year-over-year readings were +6.4 percent, about as expected, and core was +5.6 percent for the year, also about as expected. Later this morning brings Redbook same store sales and remarks from four Fed Presidents (Richmond’s Barkin, Dallas’ Logan, Philadelphia’s Harker, and New York’s Williams. After the inflation data we begin the day with Agency MBS prices better by .125-.250 and the 10-year yielding 3.68 after closing yesterday at 3.72 percent.

MLO Employment, and Transitions

“At Fairway Independent Mortgage Corporation, customer service is a way of life. #FairwayNation mortgage loan officers are dedicated to finding great rates and loan options for our customers while offering some of the fastest turn times in the industry. Our goal is to act as a trusted mortgage advisor, providing highly personalized service and helping you through every step of the loan process, from application to closing and beyond.”

Atlanta-based Highland Mortgage continues to grow and is searching for branches and loan officers throughout the Southeast, Delaware, Arizona, and Colorado. Contact Mickey Schilling, CMB®, its VP of National Sales. Now in its fourth year, Fannie Mae-approved Highland Mortgage is well-positioned to expand its footprint nationwide under Mickey’s guidance. Here are Mickey’s top reasons why Highland is the right destination for you.

After a mere 27 years with the same company, Rocket Companies' CEO Jay Farner will retire in June. He has also stepped down from the board of directors. 30-year Rocket vet Bill Emerson will replace him. Yes, you read those tenures correctly.