MCT® was announced as a 2023 HousingWire Tech100 Mortgage Winner. The Tech100 Mortgage Award recognized the most innovative and impactful technology companies serving the mortgage industry and forever changing the home sales process.
We wanted to broach three newsworthy stories from 2023 that have not been addressed in the weekly commentary: changes to the Loan Level Price Adjustment (LLPA) matrix, Wells Fargo’s exit from the correspondent lending space, and the U.S. breaching its debt ceiling.
After six consecutive rate increases of 50 BPS or more, as expected, the Fed raised rates by 25 BPS today (Wednesday), lifting fed funds to a new target range of 4.5-4.75%. More importantly, the committee continued to promise “ongoing increases” in overnight borrowing costs as part of its ongoing and unresolved battle against inflation. By keeping the promise of future rate hikes, the Fed pushed back against investor expectations that it was ready to signal the end of the current tightening cycle.
MCT COO Phil Rasori was named to National Mortgage Professional Magazine’s Industry Titans list for 2023. NMP recognizes the key players who have dedicated their expertise and years of experience to the mortgage business, and represent the industry with professionalism and pride.
MCT announced that it has been named Best Places to Work 2022 by the San Diego Business Journal (SDBJ). MCT was ranked number seven in the medium-sized company category (50 – 249 U.S. employees).