LOS, Processing, Single Women Buyer Report, AI Products; Citizens Ends Wholesale Division; Freddie Repurchases
Besides Janet Yellen’s In-N-Out foray, it is a rough environment out there: Hope you don’t want a Wells Fargo HELOC. Or just ask Citizens who is exiting the wholesale channel; More below on that. Many lenders are reporting unit volumes dropping by 50-70 percent, in part due to higher rates caused by inflation expectations. Buying stuff in the holidays will be more expensive this year, and here’s a personal tale of inflation. I happened to be near a See’s Candy store recently. Knowing that my daughter enjoys a treat from time to time, we went in and, without looking at the prices, bought a can of Toffee-ettes and a small box of mixed chocolates. It turns out that Sees’ prices are up to $32/pound for the mixed and the can of toffee was $29. The total was $48.00. I may-as-well have been buying Kobe beef. Holy smokes! (Today’s podcast can be found here, sponsored by LoanCare, the mortgage subservicer known for delivering superior customer experience through personalization and convenience. Its award-winning portfolio management tool, LoanCare Analytics, supports MSR investors with a focus on customer engagement, liquidity, and credit risk. Hear an interview with LoanCare’s Eric Seabold on the current servicing market and what to be excited about as we close 2023 and move into 2024.) Lender and Broker Software, Products, and Services Earlier this month “Now and Then” became the first new Beatles song released in nearly three decades. The feat was accomplished with the help of machine learning technology that made it possible to extract clean vocals from a muddy recording John Lennon committed to cassette before his death. For examples of artificial intelligence in action that are more directly applicable to mortgage banking, be sure to sign up for nCino’s AI webinar taking place today, November 15, at 11 am EST. You’ll learn how financial institutions of all sizes are using AI to optimize operations, enhance risk assessments and foster personalized customer experiences.
