While here in Denver I received an email. “Rob, does what’s going on in Florida impact lenders?” I had to figure out if the author was asking about Disney/DeSantis, new Florida Man news, climate change, or insurance issues. Florida has a lot of cool things: manatees, Dry Tortugas National Park, Epcot Center, and cigar rollers in Tampa who do parties. Unfortunately it now has an additional insurance fee, as Florida has imposed a 1 percent “emergency” fee to property insurance premiums due to property-insurer insolvencies. Lenders in Florida often mention the Agencies, including HUD, and loan amounts. More specifically, many people living in Florida (“locals”) couldn’t buy their own homes due to wages versus values. Many of the Florida home loans that LOs have crossing their desks are now true jumbos. Buyers don’t get much in Tampa for $700k, and eastern Florida is worse. The loan limits are out of adjustment for the locals.
I head to Colorado Springs this morning, the scene of $3,000 mountain bikes in bike racks on top of $500 cars. There are roughly 380 bank branches in the city, including mortgage lender NBH. On the flip side, do you work at a non-depository bank, like a mortgage bank or broker? You should know that the Treasury’s Financial Stability Oversight Council voted unanimously to issue (for public comment) new proposed interpretative guidance on the Council’s procedures for designating nonbank financial companies for Federal Reserve supervision and enhanced prudential standards to replace the Council’s existing guidance and describes the procedural steps the Council would take in considering whether to designate a nonbank financial company. This follows the Consumer Financial Protection Bureau's (CFPB) proposal to bring more nonbank financial companies under its direct supervision. (Today’s podcast can be found here and is sponsored by LoanCare, a Fidelity Na
The way bond math works, every man, woman, and child that owns a fixed-income security issued when rates were lower is now underwater on that bond or that security. As long as they continue to collect payments on that coupon, and don’t have to sell it, fine. If they are forced to sell the security at a loss and book it, that’s a different story. When people want their money out of a bank, and the bank needs to sell securities to pay off depositors, well, we’ve seen how that plays out. Along those lines, big bank problems make the headlines, but there are plenty of smaller depository bank mergers and acquisitions going on that don’t make the headlines. And the same thing is happening with vendors and mortgage bankers & brokers. Before I forget, anyone can post a resume for free here and employers can view them for several months at a nominal charge. (Today’s podcast can be found here and this week is sponsored by Black Knight, Inc. As a pre
One Shortest Day of the Year on Oregon Coast Leads to Shipwreck Missing for 50 Years - Adventures around the towns of Seaside, Cannon Beach, Manzanita and Rockaway Beach