Not all, but many, capital markets folks spent their college years rolling up their sleeves. Some not so much. When originators are asked about interest rates, some LOs may use the line in the clip above: “Oh, man. I only ride them; I don't know what makes them work.” (The current STRATMOR blog is titled, “Relying on the Fed: How Did This Happen?”) Yesterday the Federal Reserve Open Market Committee (FOMC) grabbed the headlines, despite doing exactly what everybody expected them to do: leave rates unchanged. Inflation is still higher than the FOMC would like. Certainly, insurance costs, whether they be homeowner or car, are inflationary. It would be foolish to blame the Biden Administration, or any administration, for things like insurance costs, ships running aground in the Suez Canal, a drought in Africa, or what OPEC does. Such is life, and one needs to ask how much more government interference we need or want. In my opinion, a president consultin
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Don’t believe in climate change, rising sea levels, or cities sinking (“subsiding”)? Venice is sinking. So are Rotterdam, Bangkok, and New York (though a few spots are rising!) But no place compares to Jakarta, the fastest-sinking megacity on the planet. Over the past 25 years, the hardest-hit areas of Indonesia’s capital have subsided more than 16 feet due to illegal wells, diminishing groundwater, and a rising sea level. Many billions will be spent moving an entire city. In the United States, insurance issues have become obvious problems. Do you think you have privacy in your car? Think again, and not only that, insurance companies are using driving data to set premiums. Uh oh. In Florida, several high-rise condo projects (with units for sale) are sitting as insurance companies have dramatically hiked their hurricane coverage costs so some projects are renewing at 50-60 percent coverage only, which makes the units unable to be financed. I’m told we
“I accidentally rubbed ketchup in my eyes. Now I have Heinzsight.” In terms of foresight, looking ahead, there are some interesting things going on out there in Mortgage Land! How ‘bout the CapitalW Collective non-profit for women in mortgage capital markets? And Beeline's Miguel Vega has been in the press lately with, "The Dream of Owning a Piece of America is a Dominant Theme in the Latino Community” and the company launching a Spanish-language version of its home loan experience this week. Something else that continues to be “interesting” is the question, “Are brokers violating RESPA every day?” This question is asked because brokering is a referral of a customer to a lender, right? HUD identified fourteen services normally performed in the origination of a loan (Section II, subsection C of the link above), and brokers usually do five out of the fourteen services, including taking the application, to get around
There seems to be a bit of a baby boom going on out there. Prospective home buyers who need a place for a growing family quickly find out that residential lending isn’t without its share of tears. Next time you’re dealing with an upset borrower or loan officer, here’s something you can try. “We are committed to solving the rental crisis in Australia. By providing high quality prefabricated homes, available for immediate hire or purchase, we fight the rental crisis one portable cabin at a time!” But combined, Australia and New Zealand’s population is only 31 million, about the same as Texas. In the States, Utah Gov. Spencer Cox and Lt. Gov. Deidre Henderson shared their goal of building 35,000 new starter homes by 2028. It seems that every house I see being constructed uses 2x4’s and the same materials I used when doing that in summer jobs. But here’s something: The world’s biggest 3D printer can a make a house in under 80 h
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