Did someone say, “National Margarita Day”? (Splendid timing, especially as vendors and lenders contemplate a rate and volume environment that may not change much for months, and compensation & personnel adjustments continue.) In 2023, the United States was the leading recipient of Mexico’s tequila exports, importing 84.8 million gallons of tequila from South of the Border. This has nothing to do with residential lending, other than plenty of folks in our biz enjoy a tasty margarita. While we’re on taste, the other day I mentioned a joke about vultures saying clowns taste funny which blog poster and attorney Brian Levy took as an invitation to “poke a little fun at this bear” in his most recent post. Levy’s most recent Mortgage Musings edition is titled, LO Comp, Bozo Buckets and “P&L Branches” and offers a spirited and insightful discussion of a couple LO Comp related issues that have been in the new
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“Affordable” means many things. There are residential lending industry jokes about making a loan on anything with axles or a license plate. (Like “don’t.”) Being “permanently affixed” is usually in the underwriting guidelines, which makes this story about someone having their driveway stolen very interesting. (In this clip a builder explains how the scam works.) There are plenty of trends in the builder world, one of which is “build for rent.” Instead of just having a house here or there, BFR homes are clustered together and form a community, much like an apartment community, and with many of the same amenities, essentially an apartment building as a defined community. This new “asset class” even has its own conference. The category is usually not a good thing for IMBs or small banks or credit unions. (Today’s podcast can be found here, and this week’s is sponsored by the STRATMOR Group, the data
Our Federal Reserve doesn’t control events around the world, like a ship being stuck in the Suez Canal, or the current Red Sea geopolitical aggression, which can impact our inflation rate or how much money companies or individuals earn. The world changes. What was it like going to a concert 60 years ago? This will give you an idea. Concerts have become huge moneymakers. Along those lines, but in a different industry, the Financial Times reports that JPMorgan took almost a fifth of total US bank profits in the first nine months of 2023! Too big to fail? For those playing along at home, the ten largest banks, when that concert was filmed, were Bank of America, Chase Manhattan Bank, First National City Bank of New York, Chemical Bank New York Trust Company, Morgan Guaranty Trust Company, Manufacturer’s Hanover Trust Company, Bank of California, Security First National Bank, Banker’s Trust Company, and First National Bank of Chicago. Now the list is JPMorgan Chase, Ban