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You should know that caffeine increases the power of aspirin and other painkillers, which is why it is found in some medicines. You should also know the “50-50-90 rule”, which definitely applies to me: Anytime you have a 50-50 chance of getting something right, there's a 90 percent probability you'll get it wrong. Cute sayings aside, one thing you don’t want to be wrong on is Fair Lending, and every lender, and their employees, should know the rules and regulations surrounding it, and know that its enforcement is a priority of the Consumer Finance Protection Bureau and is often mentioned in its Supervisory Highlights. In today’s “Mortgage Matters” presented by Lenders One (at 2PM ET, 11AM PT) attorney Brian Levy addresses Fair Lending, as well as the NAR verdict and other “hot” legal and compliance topics. Today’s podcast can be found here, and this week is sponsored by nCino makers of the nCino Mortgage Sui
“Once things were so tough for me, I worked at a cheap pizza shop to get by. I kneaded the dough.” Things are indeed tough out there. The other day I caught my cat Myrtle at the keyboard, apparently trying to show my new granddaughter Kozette how to apply for a loan to buy a tuna fishing boat. (I know, there’s a lot going on here.) Anyway, up on the screen was a website that will generate a paystub given whatever information you provide. How’d you like to be an underwriter, trying to assure that the borrower has the ability to repay, with this out there? Hence the need, obviously, for some kind of third-party verification service, right? Meanwhile, companies, large and small, continue to sell servicing rights in packages, large and small, in order to raise cash. Servicing is, pretty much, all a lender has in terms of net worth. And when their servicing is gone, well…? For a good bell weather of the general industry, yesterday we had loanDepot'
Raquel Welch, who passed away yesterday, was an icon in the 60s and 70s. Mick Jagger was as well, and sang, “Just My Imagination” many years ago. But it is not your imagination that residential lending is facing some renewed speedbumps. (Yeah, I know that’s a stretch, but it’s a cool song.) Last night in Spokane at the SMLA meeting, key topics including pricing and rates. It isn’t your imagination that lenders are rolling out the new conforming loan level price adjustments this week, given the delivery requirements from Freddie and Fannie, and despite the redisclosure and operations problems that will inevitably arise. It is also not your imagination that we are being hit by mortgage rates moving higher. Jobs, inflation, and retail sales data all point toward a solid economy, recession be damned, and as a result, higher rates. But for some good news, homebuilder confidence is improving, according to the NAHB, seeing the largest monthly increase for bu
A friend out in California asked me how much, on average, I spend on a bottle of wine. I replied, “About half an hour.” Plenty of wine is being consumed while watching Yellowstone and 1923, and while all the women are ogling Spencer Dutton in 1923, in some non-mortgage news to save the economy the Secretary of Homeland Security will announce next month that the Immigration and Customs Enforcement will start deporting seniors (instead of illegals) to lower Social Security and Medicare costs. A major study concluded that older people are easier to catch, offer less resistance, and, more importantly, will not remember how to get back home. In actual news, lenders who own servicing continue to peel it off because it either doesn’t fit their portfolio, or they need the cash. The owners of lenders continue to examine various business strategies as we start 2023, with some thinking that it doesn’t make sense to remain the size they are. There was a lot of mergers a