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Pink Floyd, The Wall Album, “Is there anybody out there?”
I like to often admit that I live in my own little bubble, however is it just me or has the mortgage industry gone quiet. We all know companies have disapeared, gone out of business or changed verticals, but it seems as though there are less conversations happening.
Maybe the conversations have simply changed. Maybe companies are focused on saving their ass they have left no time for further dialog or education. This, to me, would seem to be the most appropriate time to continue and further the conversations.
So is it just me?
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7 Comments
Hey – we are still here, Low rates are proving to be the other side of the sword from last year. Here is our situation – and assume I’m not alone on some of these items.
Supply of Clients – We are now swamped with clients from leads we purchased and loans we closed over the past several years, so no need to buy new leads. (sorry lead suppliers)
Our ability to fund loans – Our warehouse lines have contracted due to last years mess and there are no prospects for additional capacity in the short term. So we are turning away clients. I have also heard of some smaller warehouse lenders that are cutting down on their lenders limits and refusing to consider any new client with any “blemish” on their application no matter how small.
How about wholesale? – The option to broker loans provides a small relief but our margins become compressed and service suffers (not to mention the shrinking field of wholesale options).
Investors Helping? Not, – Correspondent investors aren’t really helping – bonds improve and they price for the worse, and extension fees (even if rates are better) are killers, and the spread between 15 day and 60 day locks is huge…
Buybacks? Loss Mit? We are over that phase right? Wrong, – Fannie and Freddie still have that legion of underwriters itching to push loans back – and they are not being shy about it.
TARP Monday – Not sure where it is but its not trickled down through us yet – seems like it’s being saved for a less rainy day by the banks.
So yes, I think we are still out here – just not as much time to read/write blogs and participate in other social media venues.
Owen
RMC Vanguard
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Like Owen, Kaleidico is still here.
We are seeing some resurgence of the mortgage industry in lead and sales management solutions. But, like Owen highlights, the business has changed for vendors as well as originators. We are serving a more diverse set of clients, outside of mortgage and lead buyers.
To your point LeadCritic, I think this process makes us smarter, harder working, and more efficient–all contributing to better solutions.
Bill
Kaleidico.com
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I think some of the current conversations are about
-FHA/FHA Streamline
-Loan Modifications/Ethics
-Warehouse Lines
-Jumbo Loans
I know of a decent amount of mortgage start-up activity, riding the refinance volume although as Owen mentioned barriers to entry or expansion are tough out there.
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Good, I was starting to think the mortgage industry rapture came and I was left behind
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LeadCritic We’re Here! http://www.seesmic.com/video/4I3ObJK2CJ
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Still here. Buried in mortgage volume coming from our branch network and moving LO’s away from purchased leads to cover the volume. It is as if one day the entire country decided to wake up and refi….and it continues.
We were a large home equity internet shop and we are moving most of our equity reps to cover mortgage volume and its not enough.
As everyone else mentioned…long days and not much time to keep up with reading much less posting.
Keep up the good work and I will keep reading as time allows.
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I think the industry is still alive, just a lot less crowded. The good companies are trying to make good things happen despite the landscape, and the not-as-good companies are trying to survive.
Happy to hear good people like Bill and Owen keep fighting the good fight. Our company will always support both types of their companies in any way we can.
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