The United States has about 336 million people. Did you know that 1/3 of them live within a 500-mile radius of Nashville? This is a cool site for anyone putting together a sales presentation for a real estate agent or a borrower. Speaking of geography, Wyoming has 23 counties, not 58 as the Commentary mentioned yesterday, further proof that this is, and always will be, produced by human hands! (Thank you to everyone who corrected me on that.) While we’re on selling, from a sales perspective, some LOs advocate adding value by subtracting complexity for clients. They are asking themselves, “How do I add value? How am I any different?” They are looking at their sales pitch, comparing bringing up pain (minimizing pain through minimizing paperwork) versus bringing up pleasure (“You’ll save time by working with me.”) And most are doing what they say they’re going to do: If you tell a potential client you’re going to call in two days, ca
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”
This Commentary has made a name for itself in covering breaking, shocking news that other, lesser outlets are too timid to even mention. “One day I hope to be wealthy enough not to do a double take every time I see abandoned furniture on the side of the road.” “Wealth” is an interesting concept, and while lenders carefully watch their locks, funding volumes, and margins, and what they’re worth (STRATMOR’s current blog is titled, “Doing Business with the Agencies: The Golden Ticket?”), individuals are doing the same thing. Loan officers from coast to coast tell me the same thing: With inflation continuing to outpace consumers' wage increases, their levels of debt are rising. According to the Federal Reserve Bank of New York, total U.S. household debt (mortgages, credit cards, car loans, and student debt) rose to $17.05T, with balances standing $2.9T higher than at the end of 2019 (before the pandemic recession). Fortunately
Inflation? Yes, inflation! Yesterday I flew from San Francisco to Cody, Wyoming for the WMLA Conference, and indulged in a breakfast at SFO of a slice of banana bread and one of those yogurt/granola/berry cups, heavy on the plastic packaging. $14.30! Granted, airport chow is not the most cost-effective way to eat, but still… Jobs and housing drive our economy in the United States, and tomorrow we receive the monthly jobs data. What are they making out there? Serving up slices of banana bread, airport food service employees start at $14/hour. A UPS package-car driver starts at $21/hour, and a driver with four years on the job can make about $42/hour, with an average driver earning $95,000/year with benefits. Freddie Mac made more than that per hour in the first quarter, and its 10-Q showed a net income of $2.0 billion, a decrease of 47% year-over-year, primarily driven by lower net revenues and a credit reserve build in the current period compared to a credit reserve release in t
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