Unlike subprime loans that were subjected to minimal underwriting standards in the runup to the housing crash and 2007-09 Great Recession, UWM's zero-down loans have to meet criteria set by mortgage giant Freddie Mac.
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Yesterday’s Commentary had a note about Atlantic Bay’s “LinkedIn traffic picking up.” I have been assured by Atlantic Bay’s CEO that the company continues to enjoy its 27 years in business and will remain independent! I apologize for any confusion yesterday’s note caused, and the Commentary continues. The conference in New Orleans also continues, with talk of repurchases, credit & verification costs skyrocketing (you’ll see it on your February 1 CRA invoice), and how servicing income “saved the bacon” of many a lender in 2023. The average elevation of New Orleans is 20 feet. Are you going to want to service, or insure, properties on the East Coast that are not only experiencing rising sea levels but also are sinking by a third of an inch a year? “Affecting more than 2 million people and 800,000 properties on the East Coast.” During a 30-year mortgage that’s “only” ten inches. (