My cat Myrtle has a certain amount of “girth,” as they say. But I tell her that she carries it well as the calories from line-caught halibut have far outweighed her time working out to burn them off. In fact, I’d be hard-pressed to remember her ever pumping iron. Turning to humans, it’s a proven fact that during the pandemic 87 percent of gym members didn’t even know that their gym was closed. Okay, maybe not proven, but it makes sense. Something else that makes sense is the non-QM product channel, there to help LOs help borrowers, but that segment continues to face an uphill battle. What are borrowers supposed to think when even Yahoo comes out with a sensationalist headline like, “U.S. mortgage lenders are starting to go bankrupt: how non-QM loans could be triggering the worst surge of failures since 2008.” Really? Other product development continues. One wonders about reverse discrimination, but if you’re Black or Latino in Dal
As rumors of correspondent, wholesale, and retail company cutbacks or closings continue to bounce around our biz, how about this non-mortgage tidbit. During his off hours in New York, Ira S. found yet another fun and fascinating website: a map of the U.S. that one can zoom in/out of, and it will list the resident looked up most on Wikipedia (they had to be born, lived in, or somehow connected to the city). Much less fun is the fact that Capital markets staffs have turned their attention, due to recent rate drops, to renegotiations in the primary markets with LOs and AEs. In the secondary markets, of course, Wall Street firms don’t renegotiate hedge positions. In other words, one can’t call up Morgan Stanley or BAML or Multi-Bank Securities and whine, “Uh, remember that MBS we sold you three weeks ago? Well, rates have moved, and we want a better price or else.” In fact, I’ve even heard nervousness from lenders about margin calls from broker-dealers, e
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Dang these five-day work weeks seem long! My cat Myrtle doesn’t seem overly concerned with work, days or weeks, as long as that line-caught ocean salmon keeps showing up in her bowl. Food? From Michigan, Don C. observes, “I hate when I think I’m buying organic vegetables, and when I get home, I discover they’re just regular donuts.” Spell them doughnuts or donuts, who out there doesn’t get excited when they catch a glimpse of that pink box coming through the door? But these treats have always faced an uphill battle for volume. Volume? According to Curinos, June 2022 funded mortgage volume decreased 48 percent YoY and 5 percent MoM. In the Retail channel, funded volume was down 53 percent YoY and 5 percent MoM. The average 30-year conforming retail funded rate in June was 5.31 percent, 32-bps higher than May and 207-bps higher than the same month last year. (Curinos sources a statistically significant data set directly from lenders to produce th
Richey May, a technology consulting firm, has hired Seth Sprague, CMB, as director of mortgage banking consulting services. He has more than 25 years of mortgage banking and servicing experience