With the spring homebuying season in full swing, what percentage of your March 2017 application volume has been for purchase loans?
- 75% or higher
- 50% to 74%
- 30% to 49%
- Under 30%
With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.
Do you think your shop will loosen standards over the coming three months?
- Yes, but not by much.
- Yes, by a lot.
- Yes and, heck, we may even do non-QM lending.
- No, not at all.
- No and we may even tighten credit.
HUD has announced a 25 basis point cut in FHA premiums, which is slated to take effect in late January. Is your lending shop for or against a cut in FHA premiums?
- For. It should help lending volumes.
- Against. The private MI sector should take on this risk, not the government.
- Too early to say.
- I believe the new White House may scuttle the idea so it doesnt matter.
In 2016, what have you been paying your retail residential loan officers, on average, as a commission?
- 25 to 50 basis points per loan
- 51 to 75 bps
- 76 to 100 bps
- 101 to 150 bps
- More than 150 bps
- Were a call center lender and dont disclose that data point.
After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?
- Im confident a bill will be passed the first year.
- 2 to 3 years. GSE reform is complicated.
- Sadly it wont happen in a Clinton or Trump first term.
- Not in my lifetime.
The yield on the benchmark 10-year Treasury fell to all-time low of 1.34% recently. How much better will originations be at your shop in the second half compared to 1H, if at all?
- Better by 1% to 10%.
- Better by 11% to 25%.
- Off the charts better. Applications are great now.
- Worse than 1H, but not by much.
- A lot worse. But not sure on the damage.
What is the very best source of new mortgage customers for your lending shop? (Choose one only.)
- Leads provided to me by employer
- Paid internet/website leads
- Real estate agents/Realtors
- Our existing customer base/our servicing customers
- My own personal sales "leads" database
Does your lending shop have any plans to make non-jumbo, non-QM loans this year? These would be loans similar to "Alt A" and subprime products made BEFORE standards were loosened severely in the 2004 to 2007 era.
- Its under consideration, maybe by 3Q or 4Q.
- We were going to until the TRID "error" mess hit.
A lot has been written lately regarding loan closing delays tied to the new TRID rule. Whats been the average delay at your lending shop, if at all? (Report in business days, not calendar.)
- TRID has caused no delays whatsoever because we were prepared.
- 1 to 4 days.
- 5 to 10 days.
- 11 to 15 days. Its been a nightmare.
- Were too embarrassed to tell you.
Should the FHA cut premiums?
- Yes, the MMIF has surpassed the 2 percent minimum. Its time to help first-time home buyers.
- Yes, but not until mid-2016 at least, when we see how the fund is doing.
- No. The MMIF needs to rebuild and prepare for another potential downturn just in case.
- No. We believe the minimum ratio should actually be raised to 4 percent or higher.
- I am undecided.
Which mortgage issue, in particular, keeps your management team up at night? (Check one only.)
- TRID (Integrated Disclosures)
- Uncertainty regarding "marketing service agreements"
- Getting sued by HUD/DOJ for alleged underwriting violations
- Declining loan volumes
During the first half of 2015 all residential lenders originated a better-than-expected $805 billion of home mortgages, according to Inside Mortgage Finance. What do you expect in the second half?
- Just as good. We like what were seeing.
- Better. Applications are strong.
- Worse. Were worried about rates, seasonality.
- A lot worse. The fourth quarter could be a killer.
A lot has been written about the Millennial Generation being key to the future of the housing/mortgage market, but how much of your mortgage workforce includes Millennials those born roughly between the years 1980 to 1999?
- Less than 10 percent
- 11 to 30 percent
- Greater than 30 percent
- Its so small we cant even measure it.
- Were tired of reading about how important Millennials are
Mortgage originators have been stepping up their hiring of late. Which category of mortgage workers are in highest demand at your shop? (Choose one.)
- Loan officers
- Processors and underwriters
- Tech support/programming
- Secondary marketing
- VP level and higher
- We need a good CEO
The Supreme Court recently decided that mortgage loan officers are entitled to overtime pay. How has this affected your shop?
- It's a very big deal, but our company will limit OT pay or pay very little.
- Its sort of a big deal, but we have no plans to pay overtime pay at all.
- We have no problem paying our LOs OT.
- Were still studying the case and have not yet decided what to do.
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