Accounting, Processing, HELOC, AI Governance Tools; Webinars Approaching; Gov't Product News; CPI

“I found a 95 year old painting in my attic. I asked him to leave.” Humor aside, many people have been asked to leave places like Fannie Mae, Freddie Mac, Go Mortgage, Onity, and others. It isn’t surprising, and the reductions are, in fact, a sign of the times given the time of year and the rate environment. That said, “finding success elsewhere” might just be what happens for those cut, and other lenders are using sources like RETR, mLoop, MMI, and Model Match (this list is by no means exhaustive) to take granular looks at LOs and their fundings, extension, price concessions, and profitability. A broadbrush statement like, “I’m calling on real estate agents to find business” may not be the best path forward. One experienced LO wrote to me saying, “Any originator needs to find out which agents are actually doing business and focus on those. NAR puts out regular stats about its members that can be a good place to start.” “Broadbrush” is not the current trend in residential lending where precision is now possible for many facets. (Today’s podcast can be found here. This week’s ‘casts are presented by Truework, a Checkr company, the one verification solution to replace in-house waterfalls. Verify any borrower with a VOIEA solution that automates the entire process to quickly deliver the most accurate and complete reports with broad GSE coverage. Today’s has an interview with Figure’s Alysse Guitar and Michael Tannenbaum on using AI loan officer assistants to reduce abandoned applications and help loan officers focus on sales and closing.)