This isn’t a commentary. It’s a “next level experience!” How are we in the week ending the first quarter already? Here’s some news that will be greeted with glee by every independent mortgage banker in the nation, whether they do business in California or not. The California MBA and national MBA, and constituents across the state, have defeated the CRA requirement for non-depository institutions in that CA. Given that 20-25 percent of residential production comes from the Golden State, it has wide ramifications. CEO Susan Milazzo tells me that the author of SB 1176 is removing all current CRA language. (Proponents of CRA requirements for IMBs relied, in part on a Greenlining Institute report.) What else are independents watching? A recent STRATMOR workshop indicated that the technology dollars spent is down for some large banks, but appears to have increased for some large IMBs as they are more likely to have transaction-based pricing than large bank
Walking around Memphis yesterday got me to thinking, “I wonder what the part of my brain that used to store people’s phone numbers is doing now.” Maybe being used to store cool ads like the one in the joke section below, or lyrics of old songs? Thank you to VanDyk Mortgage’s Steve Richman who reminded me of Mott The Hoople’s “All The way From Memphis.” In 1973, when that song was released, the Fed Funds rate hit a high of 11.22 percent. Inflation can be harsh. Are you thinking about the price of food and gas a few months ahead of summer vacation season? You’re not alone. Millions of families are wondering what vacations are going to set them back this year, and possibly reconfiguring plans to spend less. Dramatic inflation can have that affect. I bring this up because, as was widely expected given the constant attempt to keep the U.S. economy stable, and battle against runaway prices, the FOMC raised the target range for the fed f
"Sergeant, can we go for breakfast now?" "March first!" Welcome to March, with Mardi Gras beginning today, Daylight Savings Time on the 13th, Pi Day on 3.14, the Ides on the 15th, and St. Patrick’s Day on the 17th. (Nope, no paid days off.) Meanwhile, the world is watching Russia attack Ukraine and many are doing what they can. For example, broker dealer Jefferies will donate 100% of net global trading commissions on March 2nd for all trading in equities, fixed income and foreign exchange by the firm’s clients. In addition, Jefferies as a firm will donate $1 million directly, and its more than 4,500 employees worldwide will be given the opportunity to personally donate to these efforts. Economists are watching money flows for individuals, as it appears that the biggest share of the extra outlays on new cars, home improvements, and laptops comes from America's top income tiers. Rates are dropping, but expectations of inflation
Lending is full of statistics. And originators follow many of them, looking for an edge in finding clients. Last year 27.1 million Americans moved, 80 percent within the same state and 20 percent interstate moves. This report showed Florida being the most moved-to state and California topping states for folks moving away from it. Originators also look for ways to add value to their clients. They might want to consider letting them know about Realm. (Nope, this is not a paid endorsement.) Homeowners often struggle to decide which upgrades will offer the biggest boost in property value. Realm helps by analyzing real estate, tax, zoning, and other data to offer recommendations after assessing the impact of different designs, materials, and financing options to calculate the return on, say, a kitchen renovation. Realm is free: A good price.  Lender and broker products & services Texas-based doc prep law firm Black, Mann & Graham, LLP recently upd
Sure, Fannie had $5.2 billion of net income in the fourth quarter of 2021, but money can’t buy you love. Love is more of a chemical reaction than a statistical study, but computers don’t deal so well with that. But stats will tell you that apparently the best place to find love is Buffalo, New York. Lending Tree released a report considering seven variables, including median single-person household income as well as the percentage of the population that isn’t married, or lives alone, to help determine which of the nation’s 50 largest metros are the best for single people. Rounding out the top five were Cleveland, Louisville, Detroit, and a tie between St. Louis and New Orleans. MLOs know that because single people often can’t rely on a “significant other” to bring in extra income, they need to take extra care that they’ve got enough money to make ends meet… or make a mortgage payment so areas with low costs of living can b