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THIS MORNINGS QUICK LOOK

1.  TOUR DE MTG FINANCE – Philadelphia Fed Index
2.  PRODUCT HIGHLIGHT – Stick Built W Mobile Homes On Property
3.  MARKETING – Is Digitalization Confusing Borrowers

Tour De Mortgage Finance Learn Something New Everyday About Your Industry

THE PHILADELPHIA FED INDEX

Ok, so this one you may not be able to guess what it is but it comes out this morning and due to the manufacturing supply chain issues and manufacturing overall this index is of very high importance to understand where the National ISM (Institute For Supply Management) is heading on a national level. 

Philadelphia releases it’s notes prior to Chicago which are the two main indicators of what is happening in the world of manufacturing.

The notes released pertain to where the direction of change in overall business activity is heading. These releases are completed by managers in the manufacturing business so the hands on people.

They measure activity at the plants, working hours, employment stats, new orders, unfilled orders, shipments, inventories, delivery times, prices paid and prices received.

As you can see this is a big deal as the economy will respond to what is happening in this market since it is one of the hottest topics in the country. 

Well, now you know………

Product & Guideline Highlight Knowledge That Gives You An Edge Over Your Competition

STICK BUILT AND MOBILE HOME ON SAME PROPERTY

Previously Flagstar and MANY other lenders have had an overlay where you cannot have a manufactured house sitting on the same property as a stick built home. Assuming the stick built home is the primary home and the manufactured home is considered an ADU or whatever it is.

This overlay has been removed for FHA, VA and USDA. This fits in nicely with Flagstar rolling out manufactured housing which by the way I have seen a ton of them and no issues thus far.

They are one of the few affordable housing options left out there so if you have em we can do em.

CONVENTIONAL
Fyi, this use to be an issue on conventional as well. We do allow manufactured housing as an ADU in addition to the stick built house. This has been allowed for a long time so wanted to make you aware.

Marketing Ideas And Opportunites Little Things That Can Make A Big Impact

IS DIGITALIZATION CONFUSING BORROWERS?

A customer survey taken by borrowers showed a 5% decline in satisfaction last year.

Of course, much of that was due to massive volume but another part of it was that the digital reformation in mortgage lending is taking the human aspect out of the process more than ever before. 

For example, I closed on some mortgages with investment properties in 2021. I used the same loan officer I have for the last 10 years and yes he reads this morning update so pay attention A.W. 

Each time, I said yo I need to see what we are looking at on this property. He sent a link. I filled out a fairly short online process, I was not able to add anything to it or ask questions about it which is fine for me as I know what I am doing but is that the case for all borrowers. 

They as well as everybody else did not care about extra savings or ownership in other items or total net worth that gives strength to the borrower but only the minimum they needed to know about me to convince the computer to say yes. People love to talk about themselves so make sure the good they want to share is heard as well as the bad.

I HATE the online portal with a passion. I feel the same way about my bank when I did a HELOC and most of the systems you guys use. No offense. I never remember the password and it is kind of confusing as to where to upload items and in the end I just email them. They make sense to you but when you have to send me a cheat sheet on how to use it then it is not ready.

Lord knows with ESignatures I did not read a single word of a single disclosure and nobody was there to explain it even if I did. This has been the case ever since esign came out.

The conversation and personal piece is heavily muted because most of the conversations are happening via technology vs other means of traditional interaction.

Lastly, how many of you actually attend your closings anymore??? I know the answer and it is not a high percentage.

I say use digitization to the fullest but you can also set apart yourself by making sure you keep the human aspect in play and be careful you do not introduce too many forms of communication. It gets very confusing for customers.

For  example, online application, ESign signatures, online portal updates or uploads, email, text and phone are all being used. It is more confusing to borrowers than you may think.

People were created for fellowship so make sure your ship includes some interaction time on it human to human.

Turn Times As Of This Morning Lookin Good!