There are 3 things that tell the truth: small children, drunk people, and yoga pants. HMDA data is close behind. Warning: sobering thoughts ahead, and not only the headlines about credit scores and mortgage pricing, officials trying to devise a plan for First Republic’s future, or two 80-year old white men posturing about the country’s future. Residential lenders at the recent MBA STRATMOR Peer Group meeting in Atlanta were looking at units, and I asked the MBA’s Joel Kan about some stats on fundings per year: 13.7 million in 2020, 14.2 million in 2021, 6.4 million in 2022 (awaiting final HMDA data in June), and 5.0 million forecast for 2023. That puts 2023’s fundings at about 1/3 of 2021’s. Forget overall volume numbers, since the loan sizes have moved higher… Have you reduced your expectations and staff, both in ops and production, to match a 66 percent decline in units? Or do you expect to grab market share through superior products, pricing
Several of our best of the best share how they were able to keep their pipelines active when industry-wide volume was well below record levels the year before.
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