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Let’s face it, women spend more time worrying about what men are actually thinking than men actually spend thinking. While capital markets staffs are checking out graphs of the Fed Funds Rate, and a steepening yield curve, MLOs of both sexes are thinking about bolstering their referral base: Realtors are for rookies. In the last several weeks, my travels around the country (currently in Tennessee for the TNBA educational luncheon… Did someone mention “Walking in Memphis?”) have resulted in mentions of tax advisors, wedding planners, dog sitters, vets, local gym owners, developers, plumbers, house cleaners, dentists & orthodontists, car dealers, and estate planners. Lenders and originators of every shape and size are aware of the demographics of their area, rents heading higher, so figured this might be of use: 61% of renters can’t afford to buy a home in their city. Put another way, the study showed that renters are now priced out of hom
Here we are at Groundhog Day. A rodent predicting the weather has little tie-in with the 1993 movie of repeating the same day over and over again. Locks are certainly not repeating 2021 levels for January, with initial anecdotal pipeline numbers down 30-40 percent. Are you reducing costs accordingly? When the residential lending market is good, owners think they’re the smartest guys in the room, and in the last two years volume and margins have covered up a lot of faults. (And now, are homeowners all real estate geniuses?) Now, however, effective management is going to be tougher. Mortgage fraud is growing, and I’ve received more than one email about kickbacks on the rise. Great. At least you aren’t working in a Golden Corral in Pennsylvania! Never in the history of history of calm down has anyone calmed down by being told to calm down. Lender & broker services and products More than 100 people gathered in Kazan, Russia, last month to celebr
While the Northern East Coast digs out from snow, and Southern East Coast is on the lookout for falling iguanas in Florida, how’s this for a clever “out of office” message? “Knock knock. Who’s there? Not me!” I have some real estate agent humor today below, but plenty of real estate agents and builder sales staff are out of the office, as there is less reason for them to man the phones versus 2020. Approximately only 762,000 new homes were sold in 2021. Estimates from the Census Bureau and HUD reveal 2021's sales were 7.3% below the 2020 figure of 822,000. The seasonally adjusted estimate of new houses for sale was 403,000 at the end of December, representing a six-month supply at the current sales rate. Do you think it is just your imagination that active real estate listings are down? Nope. The St. Louis Federal Reserve shows us, in a nice graph, something you can show your real estate agent clients. Numbers are indeed important and c
As I head to Northern California, and mourning the loss of Meatloaf, I’m thinking, “Dang. I guess that I shouldn’t have put my entire 401(k) into Peloton stock a year ago,” a great combination of home exercise and technology. Brad Paisley sang, “…And I'd have given anything to have my own PacMan game at home. I used to have to get a ride down to the arcade, now I've got it on my phone.” Mortgage loan originators can’t do anything about interest rates, but they can do something about their service & technology they use. Technology is roaring ahead, whether you’re on board or not, and it is certainly roaring ahead in other, non-mortgage areas. Do you have your digital driver’s license? Using your face for a boarding pass? Try The Frostbite Alert Coat. The faux fur-lined coat has a patch on it that tells you when temperatures are too dangerous for your pet so you can prove to them it'