Non-QM Products; Low Producing LOs and Branches: Never-Ending Problem; Mortgage Apps Decline for 6th Week

“Why did New Jersey get all the toxic waste and California get all the lawyers? New Jersey got to pick first.” (Hey, I don’t write ‘em.) Quips aside, California accounts for 20 or 25 percent of the nation’s residential lending, depending on who you ask. The Golden State’s economy has been growing steadily while the global economy has at times faltered, and as a result it’s poised to surpass Germany to become the fourth-largest economy on the planet! It jumped seventh-place Brazil and sixth-place France in 2015, and in 2017 it passed the United Kingdom, and has been in fifth place since. The current figures won’t be published until next year, but both Germany and California have a GDP of $3.5 trillion, and one forecast puts California up $72 billion over Germany. And, of course, right in the thick of advocacy and education is the California MBA. If you have questions about the issues that lenders are grappling with out West, contact CEO Susan Milazzo, recent winner of the MBA’s Woodward Distinguished Service Award. (Today’s podcast is available here and this week’s Sponsored by Candor Technology. Home of the One Touch Underwrite, supporting lenders from Point of Sale to Post Close QC, to reduce repurchase risk, increase underwriter productivity by 400 percent, and decrease turn-times by 10. Today’s has an interview with Candor CEO Tom Showalter on cutting edge technology at the MBA annual conference in Nashville and how machine learning continues to improve the borrower experience.)