My notes from the MBA’s conference this week continue, including talk about new home sales being +4.1 percent for the month (+11 percent year over year, bringing a smile to builders everywhere). Although most of the focus of the conference was on the secondary markets (although let’s face it, there isn’t a plethora of new investors or products), the primary markets continue to be a discussion topic. Some lenders have seen LOs move into the broker world, some have seen them come back. The transition to being a broker is not always “rainbows and unicorns.” It appears to have better “top line” revenue but what about the “bottom line” when a shop has to pay for their own benefits, marketing, IT support, etc. (STRATMOR has a fine write up on the subject below.) Lenders continue to examine the branch model, whether it is traditional or P&L (revenue) based. The MBA defines an “expense management”
Yesterday I visited Sacramento to speak to an audience of real estate agents and originators in a joint MGIC/Golden 1 Credit Union event. The mood was good, and much of the discussion was about rent (give or take a little, 50 percent the U.S. is paying 50 percent of their income in rent) and products offered by depositories and portfolio lenders. Attendees also remarked how fast 2022 is moving. We’re fast approaching Memorial Day, marking the unofficial start of summer. Radio stations start playing summer-themed songs (“I thought I knew what love was, what did I know? Those days are gone forever, I should just let them go…”) Time does indeed fly, and it is important to keep things in perspective. Fairway Independent’s Jennifer S. sent over this tweet from Congress. “The median annual pay during the Great Depression was 22 percent of the cost of an average home. Today it’s 14 percent. That means that pay relative to home cost made it easi
MLO Jobs; Non-QM, Jumbo, Audit, Fulfillment, Servicing Risk, Trailing Doc Products May 25 2021, 8:16AM
Are you ready for a real-live holiday on Monday? With millions more Americans vaccinated since the last holiday, and the end-of-May weather, it’s a safe bet people have changed and won’t spend the weekend working like they did during 2020’s Memorial Day. The market for initial public offerings (IPOs), including lenders and vendors, has also changed and has slowed. What has also changed, but hasn’t slowed, is the price of air travel: Domestic fares at U.S. airlines are up 9 percent since April 1, with international fares up 17 percent as demand has increased as Americans are being vaccinated. While business travel is believed to be rather slow in rebounding, Southwest Airlines is reporting that leisure travel fares are returning to 2019 levels. Speaking of which, today’s audio version of the commentary is available here, this week’s is sponso
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