Economists have their favorite indices to measure the health of the economy. GDP, if men are buying underwear, CPI, RV shipments, GDP, plastic surgery appointments, PCE, hemlines… tomorrow on The Mortgage Collaborative’s Rundown Skylar Olsen, the Chief Economist of Zillow, will discuss some of this, and more, for 30-45 minutes starting at noon PT, 3PM ET, in “The Rundown”. Meanwhile, lenders are shifting the focus from things they can’t change to things they can: changing regional managers comp plans to incorporate profits instead of volume. Or honing marketing systems now, not when rates drop further and opening up refi opportunities. Or shifting to paying less for a refi and putting the difference into rate sheet pricing. And who’s buying the properties we’re lending on? Women. Okay, that was a bold generalization, but still… (Today’s Commentary podcast can be found here and this week’s is sponsored by Vesta, the n
If you’re in Chicago, the newest attraction is “the rat hole.” Here in Denver, besides the cat I saw in the airport yesterday being walked on a leash, one attraction is the National Ice Core Lab, where, you guessed it, ice sample cores from all over the world are kept for research purposes at temperatures even colder than those outside. It is around this time of year when plenty of people think about vacations or moving to warmer places… Like Phuket in Thailand. In 2023 it saw 6.24 million airport arrivals, up 88 percent from 2022, and the real estate market is booming. The island has 26 beaches and a population of 420,000. Phuket is trying to move away from over-reliance on tourism by simply selling to wealthy outsiders, often Russians: 27,000 Russians have moved to Phuket in the past 12 to 18 months, fueling a development boom. Follow the money, right? Today’s podcast can be found here, and this week’s is brought to you by nCino, makers of th
Change is constant: How ‘bout U.S. Steel, the Pittsburgh steel producer that played a key role in the nation’s industrialization, being acquired by Nippon Steel in an all-cash deal valued at approximately $14.1 billion? (Let’s not forget that GM and Ford have been dwarfed by Tesla, Mercedes, Toyota, and even Volvo.) I had my share of “hard hat” jobs growing up, so I noticed OSHA announcing a switch from traditional hard hats to safety helmets. Is that the politically correct term now? Speaking of terms, “smishing” is a term that combines “SMS” and “phishing” where hackers try to get your personal and banking information through unsolicited text messages on mobile devices by pretending to be government agencies, companies that you might have done business with, or a package delivery service. They’ll say something to get your urgent attention like a text about a free gift that you have to pay a small
There is always non-mortgage financial news. Mark Cuban is both selling his share in the Dallas Mavericks and leaving Shark Tank. Berkshire Hathaway’s Vice Chairman Charlie Munger has died. When I want something bougie to give as a Christmas present, I go to… Alabama? U.S. airlines lose 2 million suitcases a year, and they all go here along with the contents up for sale. Will Rogers came up with, “Things will get better… Despite our efforts to improve them.” Things certainly aren’t getting better in the credit & verification world. Costs keep going up. Blame the CRAs (credit reporting agencies), Fair Isaac, or the bureaus (Experian, Transunion, or Equifax). Lenders of all shapes and sizes have a renewed interest in managing those costs. At this point, why wouldn’t you charge the borrower up front? Meanwhile, originators are continuing to scramble for business, despite rates having dropped somewhat in recent weeks. (STRATMOR&#
You should know that caffeine increases the power of aspirin and other painkillers, which is why it is found in some medicines. You should also know the “50-50-90 rule”, which definitely applies to me: Anytime you have a 50-50 chance of getting something right, there's a 90 percent probability you'll get it wrong. Cute sayings aside, one thing you don’t want to be wrong on is Fair Lending, and every lender, and their employees, should know the rules and regulations surrounding it, and know that its enforcement is a priority of the Consumer Finance Protection Bureau and is often mentioned in its Supervisory Highlights. In today’s “Mortgage Matters” presented by Lenders One (at 2PM ET, 11AM PT) attorney Brian Levy addresses Fair Lending, as well as the NAR verdict and other “hot” legal and compliance topics. Today’s podcast can be found here, and this week is sponsored by nCino makers of the nCino Mortgage Sui