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Dang there’s a lot going on in Texas. One week it’s raining “hail the size of goat balls” (not my term; it was the phrase used by the woman mortgage banker who wrote me), the next week the state is experiencing a heat “dome” while malaria is in the headlines and a San Antonio airport ramp worker was sucked into a jet engine (ruled a suicide). Meanwhile, per the latest report from the Dallas Fed, “Texas home prices have headed steadily higher, a byproduct of rising housing demand and pandemic-related supply shortages.” For any originator interested in demographics like that, on a national scale, in doing some work for The STRATMOR Group I came across the article, “The Racial Segregation of American Cities Was Anything but Accidental.” And in the capital markets, mortgage rates have gone up faster than the 10-year. The spread between the 30-year fixed rate mortgage and the 10-year bond yield has surpassed the highs of
I am very happy that my life is perfect. Isn’t yours? When I order scrambled eggs at the diner, the waitress says, “Perfect.” When I pay with a credit card at the car wash, the attendant replies with, “Perfect.” I tell the dry cleaner I’d like my shirts not wrapped in plastic. “Perfect.” Watch out for those “perfects” out there. One thing that was definitely not perfect was the ending of 2022 for residential lenders and their vendors. Just because the calendar turned a day or two doesn’t mean rates have done much, nor margins, nor revenue. Ready for a repeat of the 4th quarter of 2022 in the 1st quarter of 2023? Have vendors and lenders made the necessary cuts, in sales and operations, to keep pace with industry volumes being down 50 percent from a few years ago? How’s your “tech spend” as you enter 2023? (Let’s ask Southwest Airlines how its low tech spend worked out. Speaking of S
The other day I walked in on Myrtle who was looking at the litter cleaning robot on the screen as if to ask, “What’ll they think of next?” Businesses and arrangements are always coming and going. There’s a new in-house appraisal product, noted below. Who wants to go in with me on starting a 2nd home company with a common-sense name, nothing foreign sounding. “Let’s Split It.” (Tagline: “Your Perfect Vacation Home Awaits.”) Wouldn’t “I Gotta Guy” be a cool name for a business? And useful? Call the number, they hook you up with a plumber who shows up, or a gutter repair person who is competent, or whatever you need. New companies are out there. Ever heard of “Calque”? Me neither until Morgan C. from Highland Mortgage pointed out “The trade-in mortgage.” Freddie Mac announced its newly enhanced mortgage rate survey. Progress Residential, with over 85,000 single-family rental (SF
While investors who “jumped the gun” on establishing their own conforming conventional loan limits ahead of the official proclamation at the end of November by the FHFA are wondering if they “spoke too soon” as values drop, time is rushing by. Kids are back in school, learning about Cuba and having pizza. We’re losing about 3 minutes of daylight a day. Children are picking out Halloween costumes. There are fake Christmas trees in Costco. We don’t turn back the clocks (daylight savings time in all the states except Arizona and Hawaii) for another month, November 6. Things are happening behind the scenes, and today’s Rich and Rob Rundown has Nadia Evangelou, the National Association of Realtor’s Senior Economist and Director of Forecasting, and Jim Parrott, a nonresident fellow at the Urban Institute and owner of Parrott Ryan Advisors. Topics will include FHA pricing moves, FHFA pricing moves, the FHFA on credit scoring models, fore