TPO Products; Homebuyer, Profitability Products; BofA’s 0% Down; Mortgage Applications Trend Lower on Rate Volatility

My cat Myrtle has a certain amount of “girth,” as they say. But I tell her that she carries it well as the calories from line-caught halibut have far outweighed her time working out to burn them off. In fact, I’d be hard-pressed to remember her ever pumping iron. Turning to humans, it’s a proven fact that during the pandemic 87 percent of gym members didn’t even know that their gym was closed. Okay, maybe not proven, but it makes sense. Something else that makes sense is the non-QM product channel, there to help LOs help borrowers, but that segment continues to face an uphill battle. What are borrowers supposed to think when even Yahoo comes out with a sensationalist headline like, “U.S. mortgage lenders are starting to go bankrupt: how non-QM loans could be triggering the worst surge of failures since 2008.” Really? Other product development continues. One wonders about reverse discrimination, but if you’re Black or Latino in Dallas, Bank of America has a 0 percent down loan. Ribbon expanded RibbonReserve and is offering first-time homebuyers a 12-month price lock on a home, “providing more time to secure financing at the best possible terms… Ribbon purchases a home on behalf of a buyer with up to 12 months to secure financing at the best terms for them. Ribbon leases the home to the buyer, then sells back with a guaranteed home price lock for 12 months… Ribbon-backed Offers… waiving mortgage, appraisal, and home sale contingencies. Ribbon’s guaranteed close, and appraisal protection gives buyers, sellers and agents added certainty in the homebuying process.” (Available here, today’s podcast has an interview with Jane Mason, CEO of Clairefire, on the current servicing landscape. This week’s podcast is sponsored by MCT’s Hedge Advisory. As the industry leader in pull-through analytics and best execution with the highest staff-to-client ratio, lenders of every size trust MCT to manage risk and optimize profitability in their mortgage loan pipeline management.)