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It’s important to be stylish; just ask Pope Francis. (Page down once or twice to see the fake image. And we wish the 86-year-old a speedy recovery from a respiratory infection.) Being Pope has its pluses and minuses, from an occupational perspective, but, returning to mortgage banking, the next time you’re rolling your eyes at a difficult loan file, or exasperated with the behavior of a whiny client, remember that there are worse professions. Being a real estate agent is not bad either. (Remember, not all real estate agents are Realtors, with a capital “R,” and there are many fine agents that aren’t.) Per this source there are 1,548,058 Realtors in the United States as of January, 2023. There are only 578,000 active listings nationwide. You can do the math. Do you have the product set to help those buyers? I don’t know how much it costs real estate brokerages to have their name listed in HW (HousingWire)’s “1,061 real estate broke ....
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 ....
The big news in the Chrisman household is my cat Myrtle being offered a big signing bonus by the family next door. Apparently, word of her mousing prowess has spread. Myrtle’s tight-lipped on the details, but I assume it involves line-caught halibut and wild salmon tidbits. When I brought it up, she glared at me as if to say, “Hey, it’s a free market.” At 10, Myrtle’s no spring chicken, and I told her that she’d better think long and hard about it since there seem to be fewer mice around to catch. (Stay tuned!) Lenders are seeing fewer loans to originate, and thus fewer loans for the secondary markets so every opportunity to pick up a few pennies or set up a new product is scrutinized. Besides spending their time setting pricing and margins, capital markets staff are usually looking for new investors (there are plenty on Mortgage Elements; just select the state and then the program) and there’s a new jumbo loan identifier for The Rule To ....
Does evolution lead to success? Major League Baseball is banking that instituting a pitch clock and banning defensive shifts starting next year will lead towards shorter games and more fan interest. M.L.B. will also increase base sizes by three inches to reduce injuries and increase stolen base attempts. The league must be envious of the continued success of the N.F.L., which kicked off its regular season this past weekend. Television viewership for the N.F.L. in 2021 was its strongest in six years, even as most television programming around it craters in popularity. Last year, television networks committed about $110 billion for the rights to show the N.F.L. for the next decade, putting the league on track to meet Commissioner Roger Goodell’s goal of earning $25 billion in revenue annually in 2027. Mortgage companies are also looking to evolve to increase revenue. Expanded product offerings, cutting overhead, automating processes, and advancing tech stacks are just some solutio ....