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Big and small, they aren’t the first and won’t be the last. Residential lenders everywhere are ruminating on Notarize laying off 75 percent of its legal staff, the closure of fledgling correspondent Cypress Mortgage Capital, “powered by Celebrity Home Loans,” and the announced winddown and shutdown of loanDepot’s wholesale channel, effective by Halloween, along with dramatic cuts to its retail division. Frank Martell took LD’s helm in April, and announced the bad Q2 results (fortunately helped by servicing income). loanDepot is not alone. Of course it’s stock, and that of nearly every lender, has not done well after its initial investors cashed out: LDI went public at $14 per share, hit a high that day of nearly $40 per share, and closed yesterday at $1.84. If someone had invested their life savings of $1 million at the high, their life savings would be worth $46,000 now. Thousands have been laid off, not only from loanDepot but from oth ....
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Life is too short to waste time matching socks. Yes, time flies. Remember a year ago, when a) the announcement of Juneteenth, the new Federal holiday, caught everyone off-guard time-wise, and b) lenders and vendors were having trouble handling the volume and were hiring like mad? We have more planning time this year: Due to Federal Reserve closure on Monday, June 20, loan purchase wires cannot be issued that day. As best I can tell, for all creditors, Juneteenth (observed) is counted as a rescission day, and is counted for the (LE and CD) disclosure receipt requirements of the Specific Business Day Rule (including both the mailbox rule and the required number of days prior to consummation). June 19 is not counted. And regarding (b), many companies continue to hire. “Rob, all we read is lenders and investors are laying people off. Are you hearing anything to the contrary?” Sure, there are examples, and every day I post job ads in my commentary. And for example, Tom Hutchen ....
Recently in Reno I overheard someone predict, “Forget Wikipedia. How about someone create ‘Liquorpedia’ with an encyclopedia of alcohol and drink recipes?” Remember when many “experts” predicted that a) Amazon was going to enter the lending biz and trample everyone, and b) Costco, after announcing it was offering mortgages to members, was going to drive any remaining lenders out of business? Neither has happened, and in fact, Costco has ended its mortgage “perk” for members. (There’s even some Costco humor in the joke section.) Meanwhile, Zillow, which has ended its iBuying business, is watching its stock hit multi-year lows, mimicking nearly every lender’s stock price. And why not? We’re seeing the highest 30-year mortgage rates since 2009, firmly in the 5s, and little inventory for sale. Rate and term refis have nearly vanished, and last week’s move by our Fed has short term rates predictably moving h ....
It’s Thursday. What should we talk about today? Elon Musk’s bid for Twitter? How about the jump in adjustable-rate locks as evidenced by the MBA’s figures? (Are your LOs well-versed in them?) Their share of applications last week was at 7.4 percent, which was the highest share since June 2019. How about this unique measure of wage inflation? Last night in Manhattan I was chatting with a chef who, when COVID hit, had moved from a fancy restaurant to become a personal chef at three meals a day for a family in New York. The chef had changed jobs, and was now working for (coincidentally) the family of a national home builder who had homes in Miami and Aspen, but only cooking one meal a day at the same compensation for three meals a day a year ago. Or we could talk about the CFPB filing a lawsuit against TransUnion, two of its subsidiaries, and longtime executive John Danaher for violating a 2017 law enforcement order. “The order was issued to stop the company fr ....