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
“My dog is really worried about the rising price of groceries, with a can of dog food now costing $3. That’s $21 in dog money.” As I travel and speak with originators, besides the regulatory environment being a concern (the latest example being the CFPB suing Freedom Mortgage yesterday), the cost to produce a loan is still a problem, and for some it is about to worsen. The last MBA’s study calculated that total loan production expenses (commissions, compensation, occupancy, equipment, and other production expenses and corporate allocations) were $11k per loan in the second quarter. Talk of another round of credit cost changes swirl, good and bad, similar to the end of last year, prompted by Fair Issac and rippling through the bureaus and CRAs. (Any questions should be addressed to your credit provider.) (Today’s podcast can be found here. This week’s is sponsored by NotaryCam, your partner for The Perfect Close! Ease of use, additional closing
“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'
CENTRAL MINNESOTA TOWN BALL REPORT Completing my tenth year at 1390 Granite City Sports with your weekly amateur baseball (Town Team) reports. Including
Jim Spellman and Bret Matthews, who own five Chicago area dealerships, bought Adamson Motors in north Rochester last week. The real estate part of the deal included paying $9.51 million in cash