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Our industry continues to be battered. Starwood Capital-backed Reverse Mortgage Funding and its parent company Reverse Mortgage Investment Trust have filed for bankruptcy. Inlanta Mortgage told the state of Wisconsin it plans to wind down its business. Switching gears, to celebrate the first day of December, spend 5 minutes taking one of my favorite quizzes, focused on figuring out where you’re from based on the words you use for certain common things. (What do you call the little bug that rolls up into a ball when you touch it? Sneakers versus tennis shoes? Y’all versus you guys?) It’s uncanny! What isn’t uncanny are the number of predictions we’ve heard about a recession, many dating from nearly a year ago. Recessions generally mean lower rates. Bank of America CEO Brian Moynihan says that a "mild recession" is likely next year but that concerns about a more severe downturn appear to be abating, noting households have maintained st ....
Lenders continue to adapt, and LOs are adding value by being subject matter experts and marketing accordingly. (For example, today’s podcast features an interview with Bob Griffith, General Manager of Home Services at Houwzer, on using a client’s 401k to help finance a house.) Marketing is a fickle mistress. Ever “opt out” of receiving ads? The people that advertisers most want to target are hiding from the advertisers (thank you to Carla M. for sending that in). The implications to marketing efforts for any lender or vendor are clear. The implications of falling volume, margins, and revenue are clear as well: they’re leaving plans for 2022 in a shambles for most lenders and vendors. Every lender and originator know that 2020 and 2021 were not forecast to be record-breaking origination years, but they were. And if 2022 weighs in at $2 trillion in residential fundings, it will be a top 10 year. But still, volumes being down 50 percent from a year ago c ....
One topic of conversation at the MBAH conference is the quote making the rounds, “Marry the house, date the rate,” a nightmare for capital markets and servicing groups engineering hedging programs. On a larger scale, no central bank wants to engineer a recession, of course, but the press seems consumed with the idea of a recession in 2023 or 2024… which would mean a) we’ll hear about it for another year or two while many lenders are just trying to survive, and b) it would probably lead to lower rates. Household balance sheets are currently still in fine shape. Corporate balance sheets are as well since many companies that issue debt regularly refinanced their outstanding debt during the last few years, lowering their obligations. just like millions of homeowners did around the nation. What isn’t as good is the daily operating budgets, especially for companies whose only income is residential lending. The implied year-end Fed funds target is now around ....