Recruiting, Training, MLO, AE Jobs; DPA, Tech Products; Principals and Attorneys Weigh in on Wholesale Tumult; Strong Jobs Data! Mar 5 2021, 8:40AM
In the legal field, virtual litigation is thought to be here to stay, vaccine or no vaccine. And as the pandemic continues, and remote hiring continues for lenders, CEOs, owners, and managers are grappling with the thought of having scattered workforces going forward, and there will be no, “Okay, everyone back to the office!” when people were hired thousands of miles away. And housing is reacting: With 70+ millennials running around, and housing starts and building permits showing about 1.5 million units a year being built, there’s a shortage! Another reason why inventory is so tight? A good portion of housing starts are tear-downs, which means a new structure is replacing an older one, so there is no net change in housing inventory. There are creative ways around that. For example, in Louisiana here’
Lenders Hiring MLOs; Correspondent, Tech, Servicing, Tech Products; What you Should Know About Yesterday s Rate Move Feb 26 2021, 7:56AM
Huh? Rates don’t continually go down and then stay there for an indefinite period of time? No, they don’t. There’s this opinion piece in the Wall Street Journal: “We’ll Have Herd Immunity by April. COVID cases have dropped 77% in six weeks. Experts should level with the public about the good news.” Every lender will tell a client that good economic news is bad for lower rates. We return to the question of, “What’s a lender’s cost to create a servicing asset worth a point?” Yes, yesterday’s rate move was dramatic (we’re already seeing rates come back down slightly this morning, as you’d expect), but lenders are already reminding their production force about monetizing their own database. Is the servicer staying “front of mind” for clients? Lenders are already changing tactics. And change is
US
Wall Street’s main event of the week will be Fed Chair Powell’s testimony on Capitol Hill. Powell will have two days to answer questions on the Fed’s dovish strategy and at what point rising Treasury yields pose a risk to the recovery. Another disappointing weekly jobless claims figure points to a weak February payrolls report and that should keep the Fed on autopilot in the short-term.
House Democrats are planning to move President Biden’s COVID relief bill forward with a vote. Expectations are still high for conservative Democrats to support the bill’s passing in the Senate by mid-March. The price tag of the bill might come down and it seems unlikely the minimum wage hike to $15 will get enough support.
US
The two big data releases for the US will be the ISM manufacturing and the employment report. The ISM manufacturing reading is expected to show a small decline in January. The US nonfarm payroll report is supposed to show a rebound of 50,000 jobs in January, but it will be difficult as optimism is low for any signs of a rebound in leisure and hospitality jobs.
US Politics
A busy week in DC will have investors following every incremental update on the COVID relief bill and whether Treasury Secretary Yellen will tweak the strategy with debt issuance. On the stimulus front, lawmakers are early in negotiations so the divide should remain wide on what is an acceptable headline price tag of fiscal support.
Sun, 24 January 2021 | Written By: Alec Malloy
Alec Malloy is a content writer with over 7 years’ experience spanning a range of commercial sectors.
Week Ahead: Fed meets, US GDP & Big Tech earnings
In the week ahead, the Federal Reserve holds its first meeting of the new year, with a range of new appointments in place, but a major policy change seems unlikely. Latest US GDP figures are released too. Forecasts are showing a mixed but optimistic outlook for Q4 2020’s numbers. Finally, earnings season continues with big tech firms leading the large caps in the latest earnings calls.
FOMC meeting
& press conference