As Wells Fargo was smacked upside the head with a $3.7 billion fine by the CFPB, sports news included Mat Ishbia and the Phoenix Suns, and the Senate passed the Improving Access to the VA Home Loan Benefit Act of 2022, and the Federal Housing Finance Agency (FHFA) Office of Inspector General released a report with a really long name because that is what bureaucrats do (FHFA Could Further Combat Appraisal Bias by Ensuring That Complaints Are Filed with State Authorities and Ensuring the Enterprises Use Appraisals That Comply with Federal Law), the industry is grappling with continued higher rates. Not that lower rates would release the unicorns from their pens and spread rainbows through the industry, mind you, but they might help. The economists from Redfin (who have seen their stock plunge 94 percent in less than two years) believe that there is a decent chance rates gradually going down to 5.7% by the end of next year. Q1 will be ugly. Seems like after a year of losses in 2022 next y
When was the last time that you did something for the first time? (Warning: tissues may be needed.) The best use of technology is to improve quality of life. Watch people’s beautiful first expressions of hearing sounds for the first time. (This came from an email from Steve Wozniak – yes, that one, who wrote, “Why do you think we started Apple. Steve Jobs and myself wanted to make life the same for the disabled and normal people. We wanted blind people to be like sighted people. To see how much we succeeded just look at any sidewalk and see all the people walking blindly while looking at their smart phones.”) Here’s another first time. Yesterday we learned that the Federal Housing Administration (FHA) published the Acceptance of Private Flood Insurance for FHA-Insured Mortgages final rule (Docket No. FR-6084-F-02) in the Federal Register. With today’s publication, FHA will now accept private flood insurance policies where the borrower chooses t
Few base their company or family’s savings on the inherent risk in a prediction. But… On a big scale, and we’ve been hearing forecasts of a recession for a year now, JPMorgan Chase’s economists opine that the economy will slip into a mild recession in 2023 as a result of the Federal Reserve's monetary tightening. Of course, recessions usually mean lower rates (one of the topics in today’s Rich and Rob show with MGIC). "We also expect slowing aggregate demand eventually leading to labor market weakness that builds on itself, and we anticipate that we could lose over a million jobs by the middle of '24." Smaller mortgage banks may not be able to wait it out. STRATMOR’s M&A practice is “en fuego” with large and small deals. Mortgage servicing rights continue to hit the open market in varying sizes and shapes. Informally chatting with a couple servicing specialists indicates that the small
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