Besides Janet Yellen’s In-N-Out foray, it is a rough environment out there: Hope you don’t want a Wells Fargo HELOC. Or just ask Citizens who is exiting the wholesale channel; More below on that. Many lenders are reporting unit volumes dropping by 50-70 percent, in part due to higher rates caused by inflation expectations. Buying stuff in the holidays will be more expensive this year, and here’s a personal tale of inflation. I happened to be near a See’s Candy store recently. Knowing that my daughter enjoys a treat from time to time, we went in and, without looking at the prices, bought a can of Toffee-ettes and a small box of mixed chocolates. It turns out that Sees’ prices are up to $32/pound for the mixed and the can of toffee was $29. The total was $48.00. I may-as-well have been buying Kobe beef. Holy smokes! (Today’s podcast can be found here, sponsored by LoanCare, the mortgage subservicer known for delivering superior customer experienc
Whether it is an obscure band or an eatery in San Diego, a well-known palindrome is “tacocat.” Huh? Yes, it’s the same spelled backward or forward. You hadn’t heard that one? How about this one: “Rob, have you heard that when Lender XYZ funds a loan, it is sold to an investor, and usually the servicing is sold to someone else, but then Lender XYZ and its LO quickly offer to refinance the loan when rates drop. At that point Lender XYZ makes its origination fee again, and the investor and servicer lose out.” Yes, it’s everywhere as originators and lenders scramble for business. Current and previous clients are good sources, as other sources are tough to find: With the NAR verdict in Missouri being a sign of the times, where are LOs supposed to go for referral sources if not the buyer’s agent in the future? (Today’s podcast can be found here, sponsored by LoanCare, the mortgage subservicer known for delivering superior custome