As many of us prepare to head to So Cal for the California MBA’s Western Secondary (800 or so registered), artificial intelligence continues to be the buzz. I recently received this question: “Rob, does it seem to you that we’re now at the same inflection point with AI as when everyone was afraid that DU & LP were going to replace all the underwriters?” Could be, and of course we still have underwriters. Meanwhile, borrowers still need help, and rates don’t show signs of going down. I received a question about “off the beaten path” routes for assistance. The Mortgage Credit Certificate Program might help. “The MCC program is a homebuyer assistance program designed to help lower-income families afford homeownership. The program allows homebuyers to claim a dollar-for-dollar tax credit for a portion of mortgage interest paid per year, up to $2,000. The remaining mortgage interest paid may still be calculated as an itemized deduction.” (Today’s podcast can be found here. This week’s ‘casts are sponsored by Figure. Figure is shaking up the lending world with their five-day HELOC, offering borrower approvals in as little as five minutes and funding in five days. Figure has hundreds of partners in the Banking, Credit Union, Home Improvement, and of course, IMB space embedding their technology. Today’s has an interview with Wilqo’s Tiffany Jacobelli on building scalable teams, processes, and operational frameworks that can handle mortgage volume surges without sacrificing quality, compliance, or borrower experience.)
Much Stronger Start After Negative NFP Print, But…
Nonfarm payrolls (NFP) FELL 23k versus an 80k forecast. Last month was revised down as well. From a traditional market-watching perspective, this is pure rally fuel. Indeed, bonds are rallying sharply so far. Let’s hope it sticks. Why wouldn’t it…