“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
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Don C. shot me a note saying, “My New Year's Resolution is to stop being so condescending! (Rob, condescending means talking down to people.)” Thank you for that… The jungle drums have Amerifirst (the one in Arizona, not Michigan which was purchased by Guild) shutting its doors on 12/31, and rumors have American Pacific’s recruiters working through a wide swath of the company. (Remember that anyone can post their resume for free here for employers to view. People in our biz are always thinking about the future, and MCT had this to say about the 2023 housing market. Did you know that there are 1.6 million members of NAR? (No, I don’t know how many the NRA has, and it is probably best to not confuse the two despite the close names.) The typical REALTOR® is a 56-year-old white female who attended college and is a homeowner… Is there really enough business in 2023 to keep them busy? We’ll see. (Today’s podcast is spon
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Borrowers will bear the brunt of this, but rumors from several sources have Fair Isaac planning on giving most residential lenders an early Christmas “present,” effective 12/26, of higher fees for mortgage work incorporated into a new tier system. (Talk to your credit reporting agency or provider for details and tiering.) I heard a dealer in a Reno casino say that no one gets ruined by losing, they get ruined by trying to win back the money they lost. How hard is it to get back a lost client? People ask me why I send the commentary out six days a week. Hey, if I can help one MLO not lose one borrower, it’s worth it, right? For example, if an MLO is working with a borrower, or their spouse, who is Native American, they can access VA's Native American Direct Loan (NADL) program to buy, build, or improve a home on federal trust land. The borrower may also be eligible for a loan to refinance an existing NADL to reduce their interest rate. Find out if they quali