HousingWire

With over 50 tickets and a half dozen sponsorships sold, the HousingWire AI Summit is on the path to success. I'm excited to watch Brena Nath and Sarah Wheeler roll out the detailed agenda in the coming weeks. Our next one day summit concept is focused on Independent Mortgage Banks. Mortgage rates have been above 7% for most of the past year, and seem likely to stay there for the foreseeable future. In a "higher for longer" environment, what can executive teams at IMBs do to survive and grow? In this one day summit targeted to IMB executives, we'll focus on M&A, margin compression, channel balance, new products, and tech stack optimization. Two questions for the mortgage executives in my network like Mosi Gatling, Chuck Iverson, Kim Nichols, Rich Weidel, Julie Raisch, Jay Promisco, Adam O'Daniel, Dan Snyder, Chad Smith, AMP, John Kresevic, Rick Roque, and Greg Sher: 1. Does this high-level agenda speak to you? 2. What are your thoughts on us scheduling this one day summit for mid-September in Dallas?

Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a pre-tax net loss of $645 on each loan they originated in the first quarter of 2024, a decrease from the reported loss of $2,109 per loan in the fourth quarter of 2023, according to the Mortgage Bankers Association's latest Quarterly Mortgage Bankers Performance Report. “While the first quarter of 2024 marks the eighth consecutive quarter of net production losses, these losses were less severe than the previous two quarters,” said Marina Walsh, CMB, the MBA’s vice president of industry analysis. “In basis points, production revenue rose above the historical average and production costs declined. This led to an improvement in the production bottom line by almost 50 basis points during the quarter.” Including both the production and servicing business lines, close to 60% of mortgage companies were profitable in the first quarter of this year, according to Walsh. Mike Fratantoni, the MBA's chief economist, told attendees at MBA Secondary in New York that Q2 might even show an overall profit for lenders. I've also heard anecdotally from many mid-sized and large IMBs that the second quarter has been much better than the first, and they have been profitable in recent months. These are positive signs for the industry, even if it's premature to say we're back.

Something is in the air in the housing industry. Executive changes are afoot! Big congrats to Jennifer Alese @ SERHANT., Bill Shuler @ Planet Home Lending, LLC and Sandra Ho @ Wells Fargo.

Our headline article this morning at HousingWire is from Flávia Furlan Nunes, who highlights a Freddie Mac report on retail lender profitability. At a time when revenues are running low, some lenders are finding ways to slash their loan production expenses. This is subscriber-only content, so please consider joining us if you haven't already!

Clayton Collins and I bought Reverse Mortgage Daily in 2021 because we agree with the thesis of a recent The New York Times column. Growth in reverse mortgages is inevitable, because: - Most seniors want to age in place. - We have record levels of tappable home equity. - Social Security increasingly does not cover the basic necessities. - Pension plans have mostly disappeared and most people do not contribute enough to their 401(k) plan. I know Kristen Sieffert of Finance of America Companies and Christopher Mayer of Longbridge Financial, LLC (NMLS# 957935) are with me on this thesis. Stay tuned as Chris Clow and the entire HousingWire newsroom covers the inevitable mainstreaming of reverse mortgages!

The art alone is reason to check out this story! HousingWire reporter Chris Clow talks with executives at New American Funding about their new reverse mortgage marketing campaign that conjures images of the "The Golden Girls." #reversemortgages #marketing #homeequity

😎 Big news: Between now and June 12 the VA will release a circular (government jargon for policy/guidance) that "bridges the gap" on the policy that prohibits VA borrowers from paying their real estate agent's commission. Story by Brooklee Han, OLY below 👇 https://lnkd.in/efcnPyir

What's the secret to your success? We asked 2023 Women of Influence honorees Meghan Bartholomew and Laura J. Brandao this question. Nominations for the 2024 Women of Influence award are open now through the end of May. Click here to nominate a female leader in mortgage and real estate: https://lnkd.in/gEwq4tPP

📜 💻 Acting U.S. Department of Housing and Urban Development Secretary Adrianne Todman just announced at MBA Secondary in New York that Ginnie Mae will soon commingle enotes with paper notes.

Our top-of-the-page story at HousingWire today is from Brooklee Han, OLY, who reports that Keller Williams has pulled the changes to its agent profit-sharing program that have elicited more than a dozen recent lawsuits. Seems like the precursor to the brokerage settling these cases. #realestate #brokerages https://lnkd.in/gA3PQ9cQ