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There are a lot of topics being covered here at the MBA’s IMB conference. One of them is hedging, and if you want a primer on how lenders are protecting themselves from interest rate risk, here you go. Yesterday the MBA’s Marina Walsh observed what lenders are doing now to survive. In no order: reducing the cost of sales, revisiting existing office leases, taking advantage of predictive analytics, critically examining their business lines, ramping up new products or looking at geographic expansion, retaining servicing, further staffing adjustments, and reducing middle management. Take your pick, or do them all, but every lender is doing something as the days of raising margins to slow volume are long gone. In fact, many lenders who have retained servicing are selling it to maintain their cash flows, despite servicing income being a huge part of whatever profits were to be had in 2022. The mortgage servicing rights (MSR) market has opened 2023 with billions of dollars on t ....
“When cannibals ate a missionary, they got a taste of religion.” In late 2022 vendors and lenders had a taste of the first part of 2023, and it isn’t exactly sweet. No one owns a crystal ball, and if they did, do you really think they’d spend their time telling you about the future rather than sitting on a beach relaxing while their money did the work? In the midst of a dreary winter, who, in places like Michigan, Illinois, or North Dakota, aren’t thinking about the beach? Here’s a site to compete with Expedia that focuses only on enjoyable beach vacations. (We are reminded to continue to enjoy life, since death is in the headlines, most “before their time”: dozens from the storms in California and Alabama, Lisa Marie Presley, Jeff Beck, Charles White…) Continuing with the beach theme, Republican Gov. Ron DeSantis is poised to ask Florida lawmakers to ban China from buying farmland and residences in Florida. "We do ....