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U/W, PPE, Marketing, Compliance Products; House Price Stats Dissected; Vendor Monopolies

I’ve never seen my cat Myrtle fly commercial. That aside, time “flies” by, Tom Brady retired again, and here’s a trivia question for your friends and family: how many 747’s did Boeing produce before the last one rolled off the assembly line yesterday? Over 54 years, about two per month. (And did you catch that subtle word play?) Changing the scale, one would be hard-pressed to find the financial section of a newspaper in the last 54 months that didn’t mention the Federal Reserve or inflation (the Fed does not set the inflation rate, nor mortgage rates), and today we’ll have yet another announcement about the targeted range of Fed Funds. (It is the interest rate that banks charge each other to borrow or lend excess reserves overnight.) But wait! High inflation is a problem, but… Weak inflation could become a long-term challenge after high inflation ends, Treasury Secretary Janet Yellen says. Unlike in the 1970s and 1980s, this late

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Tax, Fee Collection, Digital, TPO Products; FHFA, Freddie, Fannie Developments

This morning I Head East to Chicago for a handful of days. If you’ve wondered what a pilot sees when landing at O’Hare, here’s a mesmerizing video. (What is the tallest building in Chicago? The library, because it has so many stories.) From coast to coast lenders and vendors are eyeing the MBA’s volume predictions for 2023 and stay ahead by reducing overhead. In the furor over cutting costs, a cottage industry has sprung up helping lenders review their vendor arrangements. Given that product, price, and service are what vendors sell, products and service are usually, if not more, important than price, but companies like MTG Services review pricing schemes. (No, this isn’t a paid advertisement; contact James Zeldin with questions.) Today’s podcast, posted after 5:30AM PT, is sponsored by Appraisal Logistics, a full-service AMC licensed in all 50 states. AIM-Port’s robust integrations, custom automations, and granular reporting tools are d

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Customer Retention, DPA, Paperless Products; Investor Disaster News; STRATMOR HELOC Survey

Yogi Berra, when asked about staying in a particular hotel, replied, “The towels were so thick there I could hardly close my suitcase.” I’ve attended my share of conferences in the last few months (no towels were purloined), and the two big general concerns for lenders everywhere are a) providing the best products, price, and service to clients, and b) the general economic and interest rate climate and its impact on their business model. Regarding the second topic, mergers and acquisitions are on fire, and a good starting point in evaluating deals and how to structure them is the current STRATMOR blog, “Mergers and Acquisitions Continue On.” In product news, the use of Home Equity Lines of Credit (HELOC) and closed end Home Equity Loans (HELOAN) has skyrocketed recently as consumers need liquidity but want to keep their low rate first mortgage in place. STRATMOR Group is conducting a very brief survey to better understand the key decisions driving len

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Fed Balance Sheet, Employment Opportunities, Vendor Tidbits, Investor News

The mortgage industry has come a long way from March of 2020, when the Federal Reserve pledged to buy “unlimited” amounts of Treasuries and MBS to stabilize the credit markets. The Fed started to shrink its balance sheet earlier this summer, and at the start of this month ramped up to a reduction rate of $95 billion per month ($60 billion of Treasuries and $35 billion of MBS) with plans to end its purchases of MBS from early payoff proceeds next week. The Fed’s actions in March of 2020 helped stave off margin calls for many lenders, though several European countries are now providing billions of euros in margin call support to European energy companies that need at least $1.5 trillion to cover the cost of their exposure to soaring gas prices. Margin calls eat into companies’ capital, and mortgage companies need all the cash they can get in this higher interest rate environment that has shocked borrower demand and subdued sales. Time on the market for homes i

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MI, MLO, Multi-family Jobs; HELOC, Non-QM, Sales, Compliance Products; Agency News

MI, MLO, Multi-family Jobs; HELOC, Non-QM, Sales, Compliance Products; Agency News
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