It was the third of September, a day I’ll always remember… Will September 18th be remembered as the day that the Federal Reserve lowers fed funds for the first time since April of 2020? Probably… It is certainly already priced into interest rates. (Fed funds have been in the mid-5’s for a year.) Mortgage interest rates have started to fall making buying a home more affordable again and injecting some new life back into the real estate and home finance business. STRATMOR Group Senior Partner Garth Graham believes the upcoming surge in purchase business will not look like it did the last time the industry saw a wave of new business, and it won’t benefit all lenders equally. Listen in today at 11AM PT as he and STRATMOR Senior Advisors Brett McCracken and Sue Woodard talk about why the ongoing battle between the industry’s largest real estate companies and the Department of Justice over consumer disclosures regarding buyer’s agents is having a massive impact on the real estate business and what lenders can do to prepare. Let’s not forget the wild card of homeowner’s insurance: Allstate has received approval to raise its California homeowners insurance premiums by an average of 34% starting in November, the largest rate increase this year amid the state’s insurance crisis. Well, at least Allstate is not bailing out of doing business in CA! (Today’s podcast is found here and this week’s is sponsored by Stavvy. Moving real estate beyond paper documents. Stavvy is the digital platform that helps real estate professionals grow their business and ditch the paper process. Book a demo today! Hear an interview with Short Solutions Liz Short on how C-Suite executives can define technological goals, streamline processes and integrations, and maximize revenue.)

Lender and Broker Software, Services, and Loan Programs

OptiFunder, the leading provider of advanced funding technology for the mortgage industry, is proud to announce a new collaboration with First American Data & Analytics to integrate its renowned FraudGuard® solution into OptiFunder's innovative Greyhound Warehouse Management System for warehouse lenders. Greyhound simplifies client onboarding, provides robust reporting, and allows easy loan ingestion and repayment from originators. The integration with FraudGuard® further enhances the security and risk mitigation capabilities of the Greyhound platform, ensuring that warehouse lenders benefit from top-tier fraud detection and compliance tools while optimizing their funding process. Together, OptiFunder and First American Data & Analytics are poised to offer the mortgage industry a safer, more efficient lending experience. Follow the journey and learn more about what OptiFunder is doing for warehouse lenders in its monthly newsletter. Catch the OptiFunder team at these upcoming events or schedule a Greyhound demo to learn more.

Ncontracts’ 2024 Exam Findings: Top Fair Lending Violations. Few things strike fear in the hearts of bankers more than the words "exam findings." What are examiners uncovering? What are the hot-button issues? Ncontracts’ latest whitepaper highlights some of the most frequent fair lending compliance exam findings and enforcement actions reported by regulators and advice on how to avoid them. What violations are tripping up lenders? Which agencies are referring the most cases to the DOJ? Download the free whitepaper to find out.

“Arc Home is excited to announce the upcoming launch of HomeEQ, a fully digitized Home Equity Line of Credit (HELOC) solution designed to streamline the borrowing process. With HomeEQ, brokers can offer their clients a seamless, all-digital experience, from application to funding in as little as 5 days. There is over $33 trillion in home equity available in the U.S., capturing just a small fraction of this market (less than 0.00002%) could add $5 million or more to your business each year. This innovative product will help you expand your offerings and meet the growing demand for fast, flexible financing. Want to learn more and get ready for the October launch? Visit our website for more details or email Shea Pallante to see how HomeEQ can enhance your business. With HomeEQ, its equity made easy.”

“Maxwell Point of Sale is the top ranked mortgage point of sale on Capterra with 4.8/5 stars. In today’s competitive mortgage marketplace, customizing workflows and borrower experience is crucial to differentiation. With the industry-first configurability of Maxwell Point of Sale, lenders can define workflows for any mortgage product, while configuring triggers and business rules to align the borrower experience to operational processes. Maxwell Point of Sale also features more than 60 third-party integrations, allowing lending teams to seamlessly connect with other vital pieces of their workflow, from credit and verifications to pricing and disclosures. Want to learn more? Let us know and we’ll show you what Maxwell can do for you and your borrowers.”

Webinars, Training, and Events Into Late September

A good place for longer term conference planning is to start is here for in-person events in the future.

Tuesdays at 11am PT, two veteran LOs discuss all things mortgage with Industry Leaders: Mortgage Pros 411 with Audrey Boissonou and Kevin Casey. Today features Joe Weber with the Oakley Insurance Agency to discuss all things insurance.

Looking for more in-depth commentary on weekly mortgage news? Register here for Wednesday’s 11AM PT "Mortgage Matters: The Weekly Roundup” presented by Lenders One. This week’s guest is Tricia Migliazzo of Lenders One!

Join NAMB for an exclusive webinar on AI, where industry expert Ginger Bell will explore how AI is transforming the mortgage industry. Discover cutting-edge strategies to enhance your business on September 4th. Don’t miss this opportunity to stay ahead of the curve! Register here.

September 4-6 the NY MBA is taking over the Turning Stone Resort Casino in Verona, NY with a slate of top-notch speakers and information.

In the inaugural edition of IMN’s HEI & Home Equity Capital Markets Forum, September 5-6 at the Marriott Downtown in Austin, TX. The initial response has been overwhelmingly encouraging and we are anticipating 400-500 attendees, including all of the notable Issuers, Originators, Investors, and Servicers in the space.

Thursday, September 5th, will be another episode of The Big Picture at 3PM ET. Rich Swerbinsky hosts a variety of guests, and Thursday will be joined by the MBA’s Jordan Bucher, Ashley Yaribinec, and Alicia Goncalves. You can click here to register for Thursday’s 3 PM ET show.

Friday the 6th listen in to opinions (Last Word Fridays at 1pm ET) from Kevin Peranio and Brian Vieaux!

End this week with The Mortgage Collaborative’s Rundown with Melissa Langdale covering current events in the mortgage market for 30 minutes starting at noon PT, 3PM ET. This week’s guest on Friday is Luke Babich from Clever and will be dissecting the NAR settlement.

National MI offers its upcoming September 2024 webinar sessions. As does MGIC, Essent, Arch, Radian, and Enact.

Kick your reverse knowledge into shape and expand your expertise by joining the exclusive Plaza Home Mortgage® Reverse Mortgage Bootcamp, Courses include Monday, September 9 |Reverse Mortgage Basics, Tuesday, September 10 |How to Use the Reverse to Purchase a Home, Wednesday, September 11 |Financial Planners Guide to Reverse Mortgages, and Thursday, September 12 |How to Present a Reverse Mortgage: The “Kitchen Table” Approach.

The Federal Housing Finance Agency (FHFA) announced the first meeting of the Advisory Committee on Affordable, Equitable, and Sustainable Housing (ACAESH). The ACAESH meeting will be in person September 10-11 at FHFA’s headquarters in Washington, D.C., with video and audio coverage available. Members of the public interested in watching the ACAESH meeting can attend in person or virtually. The meeting agenda and registration information will be available at https://www.fhfa.gov/programs/acaesh. In-person attendance will be limited. Full details on the meeting can be found in the Federal Register notice.

Advanced Underwriting the Self-Employed Borrower ​​with Marianne Collins: September 10th at 1pm ET.

Join Optimal Blue, Tuesday, September 10, 12 p.m. CT for the next session in its Hedging webinar series, Hedging 301, as they take a deeper dive into more advanced capital market strategies and how to effectively manage your mortgage pipeline.

There’s the Great Northwest Mortgage Expo in Seattle on September 11, Washington's largest gathering of mortgage professionals. Come meet with industry participants to learn about the exciting loan and tech solutions.

Register for the New England Mortgage Bankers two-day conference, September 11-13 in Portsmouth NH. Hear from a range of speakers, learn about new technologies and products, join golf and social events.

9/12-9/13, the Mississippi MBA’s Fall Conference will be held at the Sheraton Refuge in Flowood, MS. “Our theme, Elevate Your Impact, reflects our commitment to empowering mortgage bankers with the latest insights, strategies, and tools to make a significant impact in our industry.”

There’s the Zelman & Associates 2024 Housing Summit, Thursday, September 12th & Friday, September 13th in Boston, MA. The cost to register is $1,595.

On Wednesday, 9/18, at 1PM ET, the MBA offers a chance to join industry leaders to explore innovative strategies for reducing borrower communication costs in today’s challenging economic landscape. Learn how to overcome outdated technology and third-party inefficiencies with actionable insights that leading mortgage servicers use to accelerate processes, ensure compliance, and better meet borrower needs.

Solve Your #1 Problem: Attracting the Right Talent with Andrew Oxley, September 18th at 2pm ET.

It's Not How We Start, It's How We Finish: Dominate in Q4 ​​​​​with Dr. Bruce Lund: September 19th at 1pm ET.

Registration is open for the MBA St. Louis AI Symposium, September 19, 10:00 am - 2:00 pm at St. Louis Association of REALTORS. Hear what awesome things companies are doing to lower your costs, allow you to be more efficient, reduce risk, provide better customer service, and make it a better mortgage world.

In Colorado, don't miss this chance to protect your business and stay ahead of emerging fraud threats in real estate. Join CoAMP and top panel of experts on Thursday, September 19th; 2-4 PM MDT for a robust fraud presentation at 7979 E Tufts Ave., Denver. Many believe these issues won't affect them, but fraud and cyber threats are everyone's problem, and you could be held liable if something happens.

There’s the upcoming 2024 Pacific Northwest Mortgage Leaders Conference Sunday, September 22 – Tuesday, September 24 at the Seattle Grand Sheraton. As the industry continues to evolve through technology, innovation, and adaptation, the conference will present an impressive lineup of local and national industry leaders who will share insights on critical topics impacting the mortgage industry.

Registration is now OPEN for the 2024 Loan Vision Innovation Conference. With a focus on innovation, growth, and doing more with less, the new and improved annual conference is taking place in Chicago, Illinois from Monday, September 23rd – Wednesday the 25th. If you’re interested in sponsoring this event, please contact Haleigh Heilman. To learn more about this conference, register, and book your hotel, please visit here.

Mastering Annual Mortgage Reviews with Rebecca Lorenz: September 24th at 1pm ET.

9/24-9/25 the Nebraska Mortgage Association’s Annual Fall Conference will be held at the Nebraska Innovation Campus in Lincoln, NE. “It will feature an outstanding line-up of great speakers, along with the presentation of our 2023-24 ‘Champions Circle’ awards and the announcement of our 2024 ‘Mortgage Professional of the Year’ recipient.”

Capital Markets

It is a foregone conclusion that the Federal Reserve’s Open Market Committee will lower the rates that it has control over on September 18th, despite the July payrolls update sparking growth concerns and had led to "Black Monday 2024." Now the self-described experts are arguing about whether it will be 25 or 50 basis points, a basis point being equal to 0.01% or 1/100th of a percentage point. But no one wants to miss out on any potential market movement, so traders and investors jump in and jump out, all the while long-term investors tend to be very steady.

Mortgage-backed securities and U.S. Treasuries ended Friday with price losses all across the yield curve. But taking a longer-term point of view, the bond market finished August on a firmly higher note with August being the fourth consecutive month of price gains in MBS and Treasuries. Why? The market is preparing for a rate cut at the September FOMC meeting.

But whatever our Fed does is probably not driven by recession fears. In fact, the Atlanta Fed's GDPNow forecast for Q3 GDP was increased to 2.5% from 2.0% in the previous estimate. The news out from around the world shows things chugging along nicely, overall. And the news here in the U.S. is similar. Friday’s July Personal income, Personal Spending, the Personal Consumption Expenditure (PCE), and University of Michigan Index of Consumer Sentiment all behaved themselves and support the market's prevailing view that the U.S. economy will be able to avoid a hard landing and that the Fed will cut its policy rate because inflation is moving back toward the 2% goal.

Employment

Commercial lending is experiencing hyper growth due to $1.5 trillion in ballooning loans over the next 3-5 years. There is a shortage of commercial mortgage brokers, and with banks liquidity issues, a perfect storm is brewing for the secondary market that will create massive deal flow. Chris Perez, Envestion Commercial Lending, a 25-year veteran, is offering a broker partnership, turnkey with training, custom web site, tools, and marketing / leads. He is looking for 5-10 brokers per state where they are given the marketing and leads, take the application, and then turn the commercial loan over for processing, underwriting, and closing, all while continuing to do your normal residential business. Schedule an appointment today to see if you qualify or join the free weekly seminar every Wednesday 1PM EST. Adding commercial to your book of business is a way to expand your current product line while substantially increasing revenue.

“It’s just time.” Congratulations to Fannie Mae Chief Economist Doug Duncan who is stepping down as Chief Economist on September 22 and being succeeded by Mark Palim. Congratulations to Mark who has been Deputy Chief for several years. Doug will assist with the transition (“Remember, the X axis is the horizontal one!”) and ultimately leave the company December 27.