September 2024
Rate Cuts, Home Equity Growth, MERS Pitfalls & More
It’s official, the Federal Reserve lowered interest rates this week by 50 bps, bringing the Fed rate down to a range of 4.75-5%. This interest rate cut is the first from the Fed in four years after it raised rates 11 times to combat inflation. Now we wait and see if this will bring an end-of-year spike in the market for both purchases and refis. In the meantime, we’re watching what’s happening in the home equity market, sharing tips for servicers planning for MERS Annual Reviews, discussing Service 1st’s advanced AVM for commercial properties and looking back at the 40+ year career of NTC National Sales Executive Debbie Lastoria as she prepares to retire from the mortgage industry. Plus, we’d love to see you at the Five Star in Dallas next week – meet with our team or join us for our reception at the Waterproof rooftop lounge.
Pete Pannes
Chief Business Officer
HEL News Q2 Home Equity Study: Capital Markets Robust & HELOC Volume Up
After three consecutive quarters of slowing, HELOC production turned higher, although lending levels pale compared to available equity, according to HEL News Q2 Home Equity study, co-sponsored by Covius. America’s collective HELOC portfolio expanded 12% over the past year, and bank HELOC portfolios, specifically, increased by $2 billion, with all the growth taking place at smaller banks. Meanwhile, home-equity holdings at credit unions have ballooned by more than $26 billion. The HEL News Q2 report closely analyzes market conditions, regulatory activity and technology advancements that occurred throughout the quarter in the home equity space.
Avoiding MERS® QA Plan & Annual Review Pitfalls
Whether a servicer is registering loans, processing payoffs or deactivating assignments in the MERS system, it’s important to remember that any MERS member can be required to submit a QA plan or an Annual Review. Additionally, if a servicer has 1,000 or more loans on MERS, it must engage a qualified third-party vendor to conduct the Annual Review by March 31 of each year. If you are looking for an expert partner for your MERS Annual Review that can help you avoid hefty fines and member suspension as a result of non-compliance, Clayton can collaborate with you and help you prepare. Read the full article to learn how.
The Lender’s Playbook Podcast with Mark Cassidy of Service 1st
In the latest podcast with American Lending Conference CEO Matt Rosen, Mark Cassidy explores how Service 1st, a Covius Solution, is revolutionizing the market with their Hybrid AVM model for commercial properties—combining the best of automated valuation with expert human analysis. Mark dives into the key elements of this model that are designed to be a cost-effective alternative to higher priced eValuations and broker price opinions.
RSVP Now for Next Week's Covius/Guardian Five Star Reception
What do you get if you mix pineapple rum, rooftop views and 250+ mortgage professionals together in Dallas? You get the hottest reception at Five Star! Join Covius & Guardian Tuesday night, the 24th, at the Waterproof rooftop lounge at the Statler Hotel as we connect at the Five Star Conference & Expo. Can’t make it but still want to meet? Shoot us an email to talk with our team while at the conference to learn more about our solutions that are designed to help servicers control risk and assure compliance, including default title, loss mitigation, title curative, REO & auction, doc prep and more. RSVP while there’s still space!
NTC Coffee Talk: Driving Force Behind a Truly Fulfilling Career
NTC National Sales Executive Debbie Lastoria joined NTC in 2007 but began her mortgage career in 1983. This month, Debbie is moving onto the next chapter and retiring from the industry after a successful 40+ year career. We sat down with Debbie to take a look back at her career highlights, her favorite moments with NTC and her secret to success in sales.
RealtyBid Supports Veterans Through PenFed Golf Classic
RealtyBid, a Covius Solution, was proud to sponsor the recent PenFed Credit Union Military Heroes Golf Classic hosted in Bethesda, Maryland. Since 2001, the PenFed Foundation has supported more than 140,000 service members and veterans. This year’s Golf Classic raised more than $1 million to champion the Foundation’s vision—that all service members are able to serve our nation free of financial worry and that every veteran has a strong financial future.
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