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• The Total Customer Experience is Important

  July 30

  Sometime it is easier to see your performance by looking at another industry. "I'm looking for a smooth ride," I told the tire salesman.

• What We're Hearing: Are Bulk Servicing Sales Picking Up?

  What We're Hearing | July 30

  Interactive Mortgage Advisors of Denver is peddling a $1 billion portfolio of Freddie Mac servicing rights, the second $1 billion-plus offering of the past two weeks. MIAC of New York recently announced that it was offering a $1 billion pool too.

• Technology Can Play a Big Role in Restoring Liquidity

  Origination News | July 29 | Free with Registration

  As pure-play mortgage lenders continue to scramble to get warehouse lines, technologists say automation can help. Rob Katz, president at LOS Del Mar Database, contends, "The entity giving a warehouse line has to be confident that their partners are doing sound lending. How do you prove that if you don't have technology in place? Because there are so few sources for lines and they're restrictive, being able to demonstrate that you have the technology to move a loan through the pipeline quickly and efficiently is an advantage.

• Three Steps Before You Blog

  July 29

  Thinking of starting a blog? Or, have you started your blog-but find that no one is reading or commenting on your "interesting" topics? Don't do it until you answer a couple of questions and take the three steps listed below first. Here are those questions to ask yourself:

• It's all about Rates and Jobs

  What We're Hearing | July 29

  Perhaps, Lew Ranieri's recent prediction that the yield on the 10-year Treasury could hit 2.5% this year will actually come true. Predicting where rates are headed is a tough game — but fun. But one thing seems certain at this time: as long as inflation doesn’t flare up (except for maybe oil prices) rates, mortgage rates in particular, aren't headed anywhere, which should be good news for homebuyers except that they're scared about losing their jobs or finding a new one.

• Home Equity Credit Market Improving

  Origination News | July 28 | Free with Registration

  Some good news is emerging from the home equity credit market, which given historic high delinquency rates and negative equity concerns are both unexpected and welcome. Equifax Inc. of Atlanta reports home equity, auto and credit card loans continued their year-over-year delinquency rate decline in May showing signs of improvements not yet visible in many other industries.

• PA Creates Reverse Originator Conduct Policy

  Origination News | July 28

  Banking regulators in Pennsylvania have issued a policy governing the conduct of reverse mortgage lenders in the state. Although the policy appears to cover all reverse mortgage originators, a lot of what it addresses involves issues with proprietary products. Steve Kaplan, the secretary of banking, said in a statement, "Our policy is designed to make these products, which can be useful to some, available under the right circumstances."

• One-Year ARM Rates Stink

  What We're Hearing | July 28

  I haven't really been paying attention to ARM rates lately, because, well, I just assumed that we are living in a fixed-rate world. But the Mortgage Bankers Association released its new weekly application index with this one startling finding: the average contract rate on a one-year ARM is 7.15%

Other Voices

• The Disposable Mortgage Problem

  Origination News | July 22 | Free with Registration

  Chalke, president of Mortgage Harmony Corp., has written an op-ed about the "disposable" nature of today's mortgages and why he thinks loans need to be more "durable."

  Something's not quite right in the mortgage business. I'm not talking about the obvious relaxation of underwriting standards in recent years (now corrected a bit too much), but something deeper-something fundamental to the business itself. During the past 20 years, the residential mortgage has become disposable. The consumer keeps a product only as long as it remains fashionable and rates don't move too much. Should product trends change or rates move, borrowers toss their mortgage aside like an old suit and obtain a new one. We all know this, but the fundamental issue continues to fester.

Blog of the Week

• Yes, John Robbins is Coming Back

  What We're Hearing | July 30

  THIS JUST IN: He's back. Or, perhaps, we should say he's trying to get back in. The "he" is John Robbins who everyone knows well for AmNet Mortgage of San Diego. He sold the nonbank to Wachovia in 2005 and is hunting for opportunities in Mortgageland. Late Friday he sent an e-mail to National Mortgage News confirming what we've been hearing for a few weeks: "Yes, I am looking to get back in the industry." More details to come as we get them...