Some things in life are fleeting, like a frosty glass of rose, enemy troops singing Christmas carols in the trenches during WWI, or the time when lenders couldn’t hire people fast enough because rates were at 3 percent. I mention this because Krispy Kreme’s Strawberry Glazed Donuts, a flavor not seen in two years, is back today but only through Monday, in participating Krispy Kreme shops nationwide. Fleeting for donut aficionados. (Who says this commentary never has anything newsworthy?) Also fleeting are some astronomical events. Some will tell you that NASA doesn’t have much else going on besides coming up with the names of moons every month or two. Along those lines, thank you to Eric D. who pointed out that the common definition of a “blue moon” (the second full moon in any month) is wrong. It is the third full moon in a season that has four full moons per NASA. (Today’s podcast can be found here and this week’s is sponsored by Black Knight. Black Knight is an award-winning software, data and analytics company that drives innovation in the mortgage and real-estate industries, and the capital and secondary markets. Listen to an interview with Canopy Mortgage’s Tim Davis on why he signed on with an emerging fin-tech mortgage company and the role innovation and technology will play in shaping the mortgage industry's future.) Non-Agency and High LTV Products Most lenders offer programs besides conventional conforming and government loan types. Of course, the cost of originating loans has been challenging for the jumbo and non-QM segment, where it takes more effort to underwrite a mortgage. Many programs don’t have industry-standard underwriting automation tools like Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Prospector, which increases the cost of doing business. Meanwhile, on the demand side of the equation, banks and credit unions have pulled back on TPO platforms and products, exiting mortgage and warehousing, which creates an opportunity for LOs and brokers to take share from the banks who follow the puck to where it's going and get in front of these changes.
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