In bankruptcy court, the Huntsville, Alabama-based mortgage lender says it plans to repay creditors by claiming more than $20 million in tax credits and clawing back $1 million from warehouse lenders.
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Today is 101223. Of course you know, by looking ahead to the last day of 2023, that it will be 123123. By then, how many times do you think you’ll hear, “Due to a strategic decision, we’ve decided to…”? Those lenders looking at volumes for the next several months may be wary or even frightened. As if volumes aren’t scary enough, there are only 19 days until Halloween! Where are you going to be trick-or-treating this year? There are some good candidates out there that my cat Myrtle may fly into on her broomstick: Tombstone (AZ), Slaughter Town (LA), and Seven Devils Town (NC) are at the top of her list. The U.S. Census Bureau reports that there are roughly 128.5 million occupied U.S. housing units that could be potential stops for trick-or-treaters. If you're at one of those and are expecting trick-or-treaters, there are 3,227 U.S. confectionery and nut stores and 726 U.S. formal wear and costume rental establishments. (Today’s po
“My dog is really worried about the rising price of groceries, with a can of dog food now costing $3. That’s $21 in dog money.” As I travel and speak with originators, besides the regulatory environment being a concern (the latest example being the CFPB suing Freedom Mortgage yesterday), the cost to produce a loan is still a problem, and for some it is about to worsen. The last MBA’s study calculated that total loan production expenses (commissions, compensation, occupancy, equipment, and other production expenses and corporate allocations) were $11k per loan in the second quarter. Talk of another round of credit cost changes swirl, good and bad, similar to the end of last year, prompted by Fair Issac and rippling through the bureaus and CRAs. (Any questions should be addressed to your credit provider.) (Today’s podcast can be found here. This week’s is sponsored by NotaryCam, your partner for The Perfect Close! Ease of use, additional closing
I head to Vancouver, WA, this morning for a Banner Bank event and will probably have the option of Wi-Fi on the plane. How is it that NASA is able to receive data from 4.6 billion miles away, but I lose my Wi-Fi signal in my kitchen? Having a computer or smart phone has a price. I use Duck Duck Go for a search engine… Don’t think that Google doesn’t alter your search queries to reach your wallet. In other tech news, and you will forget about this note by then, your phone will blare a national emergency alert test today at 2:20PM ET, 12:20 PM MT. Of course, the messages will be accompanied by a “unique tone and vibration.” Listen for a jarring and obnoxious alarm that will immediately make you stop what you’re doing, utter obscenities, and pick up your phone to make it stop. Who can concentrate on Taylor Swift munching on football stadium dogs, or the lack of inventory and high rates, when the Las Vegas oddsmakers are making an active market in