While California girds its loins for an “atmospheric river and bomb cyclone”, readers should know that I sometimes ask myself, “Why can I remember the order of songs from an album 25 years ago, but I can’t remember why I went into the kitchen?” Yesterday I forgot that it was Ohio’s Union Home bought Michigan’s Amerifirst, not Guild. I apologize for the mistake… It’s all those “stable, multi-state, non-depository, residential lenders with strong management teams”… There certainly are a lot of rumors making the rounds. But also concrete news, about lenders and vendors are making the rounds, perhaps the latest being United Wholesale’s $37.35 credit report. Obviously this puts more pressure on the CRA world (as detailed in the Commentary a few weeks back). There will obviously be pressure on lenders to keep reigning in overhead. For example, the tendency allowing LOs to hang around in down markets is
Anyone who has ever gone swimming in the ocean knows that, in a violent surf, the swimmer can’t spend time and energy in the waves near the shore being knocked about. They either swim out beyond them, or swim into the beach. Using that analogy, think about lenders and vendors in the current environment. Having “no plan” is not a plan. Best to go one way or the other, because staying in the surf can be exhausting. (It will be a topic of today’s chat between the MBA’s fabled chief economist Mike Fratantoni and me at 11AM PT.) Meanwhile, capital markets departments are grappling with renegotiations, although I am hearing from lenders that with pipelines primarily consist of non-rate sensitive new home purchases and cash-out refis. It would be fair to expect new, lower mortgage rates to actually stimulate some new demand by consumers. And consumers certainly have options, including sponsored stories about the best cash-out refinance and home equity loan p
As the world continues to experience digital transformation, one of the technologies driving the rapid evolution in the financial sector is artificial intelligence (AI). One may not realize it, but AI is already present in various aspects of our lives. The rise in financial technologies has grown in recent years, with the global AI market […]