Big things afoot at eMagic

Like anyone else working in the mortgage industry right now, I'm plenty happy just to be working in the mortgage industry right now. If you know what I mean. With the mortgage business down in so many ways, technology vendors that support mortgage companies are hurting as well. It's my good fortune, however, to be working for eMagic, the exception to that rule.

Not only is eMagic more popular with mortgage originators than ever before because we provide access to free DU and LP for numerous lenders. That's keeping me pretty busy all by itself. I'm training brokers in record numbers, and signing up new lenders left and right. But eMagic has become so much more than a DU/LP 'One Trick Pony,' and that's why I decided to start this blog. For the first time since 1998, when I was the head of business development and marketing at Calyx Software and POINT really started taking off, I'm getting that feeling again. I think eMagic can be the next big thing in technology for mortgage originators, and I want to chronicle its development. But this blog will be about much more than that.

I'll also use this as a forum to announce upcoming free training sessions, and share news tidbits and links I think originators will consider 'good stuff'" (see below for a sample). Finally, I'd like to receive and answer good questions about eMagic or broker technology in general- so feel free to post here.

Upcoming Training Sessions

April 24th at 10:30 AM PST- DU, LP, and Imaging in eMagic- Learn insider tips


May 9th at 10:00 AM PST- The Weakest Link- The Six traits of a successful salesperson


May 24 at 2:00 PM PST- Success Signals- Secrets to effective communication


June 3rd at 10:30 AM PST- Full Doc Processing

Send an e-mail to jack_trageser@emagic.com or brent_conrad@emagic.com if you'd like to attend any of these sessions- and watch this blog for additional sessions to be added. We'll be adding two additional DU/LP sessions in May, and new sessions on running FHA and VA loans through DU and LP, and document imaging and electronic document transfer.
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NEWS: Quick summaries of Mortgage Industry Trade Publications Articles

According to an article in American Banker published on April 1, loan servicers are actively working on ways to retain borrowers in anticipation of an expected refi wave due to a reduction in interest rates of 25 to 50 basis points by the Federal Reserve in the coming months. It's possible that originators will face more competition than ever from the current servicers, because, as an industry expert says in the article, "The ones (servicers) want to keep are the ones they're about to lose".
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U.S. Mortgage Bond Issuance Plunged in 1st Quarter
Reuters (04/01/08); Haviv, Julie

A new Thomson Financial survey shows that U.S. mortgage-backed securities (MBS) issuance plunged by more than 75 percent in the first three months of this year from the first quarter of 2007 amid ongoing uncertainty in the housing market. According to the report, MBS issuance totaled $61 billion in this year's first quarter, down substantially from $273.9 billion a year earlier. Richard Peterson, Thomson Financial's director of capital markets, notes that the January-through-March stretch marked the slowest quarter for issuance of U.S. MBS since 2000's fourth quarter. Meanwhile, issuance of bonds backed by firms other than Fannie Mae and Freddie Mac has come to a virtual stand-still as investors opt not to buy securities backed by loans where payments are not guaranteed.
http://www.reuters.com/article/telecomm/idUSN3157215620080401
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Mortgage Meltdown Maps Offered
Central Valley Business Times (CA) (04/02/08)

The Federal Reserve System has posted a set of dynamic maps and data on the Internet that shows subprime and alt-A mortgage conditions nationwide, including such information as share of loans in foreclosure, median combined loan-to-value ratio at origination and share of adjustable-rate mortgages with interest re-sets scheduled for the coming 12 months. To be updated on a monthly basis, the color-coded maps display regional variations in the condition of securitized, owner-occupied subprime and alt-A loans, with color intensity correlating to severity of the problem. According to the Fed, the maps and data can be used to help pinpoint existing and future foreclosure hotspots.
http://www.centralvalleybusinesstimes.com/stories/001/?ID=8307
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