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Remember when lenders were fretting about Amazon rolling out a major home loan program? The new acronym that the mortgage industry was about to start using was “WACD” (What Amazon Can’t Do). We reminded ourselves that Amazon couldn’t do is to deliver high value and personalized service and build relationships that last a lifetime. Play to your strengths! One strength is keeping up with what is going on, especially in the regulatory world. Today’s L1 show at 2PM ET features Kathy Kraninger, former director of the Consumer Financial Protection Bureau from 2018 to 2021, now CEO of the Florida Bankers Association, with a “behind the scenes” look at being the CFPB director and setting clear “rules of the road.” Next week Rich Swerbinsky returns to the airwaves on Thursday the 18th at 3PM ET, interviewing the CFPB’s Mark McArdle on what the big misconceptions about the CFPB are, and where its focus is currently. (Found her ....
I am often asked about the jumbo segment of our business. Frankly, aside from the coasts and a couple cities in-between, much of the nation is not overly concerned with it. Paying $1 million or more for a house may seem excessive to most Americans, although that doesn’t mean million-dollar homes aren’t prevalent in some parts of the U.S. Per LendingTree, only an average of 6.68 percent of owner-occupied homes in the nation’s 50 largest metros in 2021 were valued at $1 million or more. The share of million-dollar homes has grown: That’s up from an average of just 4.71 percent of owner-occupied homes in the nation’s 50 largest metros in 2020. San Jose (66.3 percent) and San Francisco, CA (52.9 percent) have the largest share of million-dollar homes, the only two cities where most homes are worth at least $1 million. Including San Jose and San Francisco, the four metros with the highest percentage of million-dollar homes are in California. Only four metr ....
Mortgage news temporarily aside, how about the government contemplating a law that would require cars to have AM radio?! AM radio goes farther than FM or cellular streaming services which is why, in out-of-the-way places, like in mountains, you can tune in to an AM station for traffic reports. If you think radio, or the mortgage process, is confusing, try visual entertainment, with too many cable channels and media outlets to fill with 24-7 options and opinions. Too many shows cast across streaming channels. Too many hours on cable TV with financial pundits offering crazy predictions, just to get on TV. I wish that I had an org chart showing who is in charge of what, and how they fit together. I now have three remotes and need to figure out the relationship between Roku, Apple TV+, Prime Video, VUDU, Discovery, YouTubeTV, Sling, Disney+, HBO Max (“Max”), Hulu, Netflix, Paramount+, Peacock, Showtime, Starz… the list goes on and on. And what the heck i ....
If you’re really happy when a scheduled conference or Zoom call is cancelled, does that mean you’re in the wrong line of work? (Asking for a friend.) The demand for Team or Zoom calls certainly skyrocketed during the pandemic, although as companies have moved back into the office to some extent, the demand for them has dropped. Supply and demand determine mortgage pricing, so there is little use in a lender originating loans if there is no demand by investors or portfolios for those loans. Most jumbo loans are originated in states near the Atlantic and Pacific Oceans. Many originators in those states are wondering where their jumbo pricing will come from, as not only is Wells Fargo Correspondent gone but now First Republic, the 4th largest jumbo mortgage lender, has just exited the market. On the investor call, Jamie Dimon noted that First Republic’s core business of “making very large cheap mortgages will not happen going forward.” Other banks have a ....