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Loan Programs MBA Pegs Future Annual Loan Originations at $1.5T-$1.6T By Brad Finkelstein SAN DIEGO-While Mortgage Bankers Association chief economist Jay Brinkmann projects mortgage originations for the next three years to be $1.6 trillion, $1.5 trillion and $1.6 trillion, respectively, there is still work to be done to restore confidence in the economy and housing market. Speaking at the group's annual convention (as well as at a press conference) here, under the heading of what's next, Mr. Brinkmann said government needs to rebuild the economy without putting a drag on long-term growth. The oversupply of housing caused by foreclosures needs to be resolved. There needs to be a secondary market for mortgages that investors are willing to purchase paper in. The credit model and assumptions used have to be rebuilt in a way that the errors of the past are not repeated. Read more...

Making the Sale Study Shows Americans Crave Better Financial Knowledge By Brad Finkelstein If there is any one thing that has come out of this financial crisis, it is that it has driven the majority of Americans to seek to increase their financial knowledge. A study conducted for Mintel Comperemedia, a service that provides direct marketing competitive intelligence here finds that three in four adults (75%) are trying to increase their financial know-how because of the current economic crisis. A third (32%) say they've already done so, while 43% say they plan to learn more about financial topics in the future. The study found people are looking to professionals more to get financial advice. Almost four in 10 (38%) said they've started meeting with a financial advisor, or plan to soon. While much of the survey discusses investing, there are lessons for mortgage originators in the findings as well. Read more...

What We're Hearing Daily

With the abysmal jobs number for October finally unveiled, there is some good news for mortgage bankers: the Federal Reserve isn't likely to raise short term rates any time soon. Moreover, some analysts are saying it won't be until 2011, maybe 2012 before we see a rate hike on the short end. This also means that mortgage origination profit margins should remain strong for at least the next year. Servicing revenues, though, could come under pressure as refinancings continue to cause a runoff in receivables and delinquencies gallop along. Of course, if the jobs situation improves rapidly by midyear (which some Pollyanna analysts think) then all bets are off. In other words: it's all a crap shoot. Meanwhile, the new employment figures offered no relief for the mortgage brokerage sector. Broker-related employment fell to 66,900 positions, a 1,100 loss from the previous month. For the full story see National Mortgage News Online later today...

See Paul's weekly column here.

News Headlines

Survey Results

Last week's question was "Do you expect your company to spend more than $5,000 on technology in the next 90 days?" Just about a quarter of you, 26%, said yes, they expect to spend more than five grand on technology in the upcoming quarter. This is very close to last quarter's response of 27%, which represented a one year high. We'll see if the results stay steady when we ask again in ninety days time.

This week's question is "Do you expect your company to buy leads in the next 90 days?" As always, we'd love to hear what you think. Be sure to give us your input by clicking on the survey form on the left-hand side.

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