Does low-income residents staying put in large metro areas, relative to higher-income groups, mean that low-income households are missing out on affordable housing options? Freddie Mac researchers think so.
One can always focus on lending activity hitting a 25-year low, or the once mighty loanDepot reducing its own liquidity or handing raises out to executives, or Better.com’s CEO back in the headlines. So let’s veer off the mortgage track for a bit. Not everyone in residential lending is a baseball fan, but everyone in our biz knows a thing or two about money. Aaron Judge of the New York Yankees hit his 62nd home run of the season, a new record. The ball was caught by a fan, and the question has been raised that has not been answered: “What happens when you take possession of a baseball that is worth $1 million to $2 million? The closest that the IRS has come to answering this is a memo sent in the late 1990s titled the “treasure trove regulation.” When one finds a buried treasure, or in this case catches a million-dollar baseball, it would technically lead to a $332,955 tax bill. If the fan gave the ball back to the player, it could technically trigger
All eyes have been on the Federal Reserve this year, but for independent mortgage banks, the focus has been on maximizing production and minimizing overhead in the face of higher rates and decreasing margins. In fact, the ability to offer unique and relevant products has helped keep the lights on at many companies. One of these products is non-QM, which will be discussed in a webinar today at 1pm EST hosted by Robbie Chrisman (Hey, that’s me! It’s been fun writing, editing, and publishing this commentary in its entirety the past three weeks with my dad on vacation. I’ve enjoyed hearing from many of you). Webinar panelists will dive into strategies, compliance, how they are performing, and what the future looks like for non-QM. One other current concern in the industry is Ginnie Mae’s Single-Family Applicant and Issuer Financial Eligibility Requirements , which were announced last month and have caused consternation for Ginnie Mae issuers and potential iss