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Welcome to February 29; The 366th day is added to keep the calendar year synchronized with the astronomical year or seasonal year. What do astronomers know that we don’t? In general, what do “they” know that we don’t? Recall when Wells Fargo left correspondent, and other correspondent investors wondered the same thing. Now Rocket Companies will shut down Rocket Pro Originate in June, a mortgage origination platform for real estate agents and other financial pros. What does Rocket know? (More below). This biz is always changing, and this week I spent some time with Alanna McCargo, President of Ginnie Mae (without Ginnie Mae execution, FHA & VA programs would not be able to scale), and Ginnie is definitely trying to stay ahead of the curve which in turns helps first-time home buyers. (Found here after 8:30AM ET, this week’s podcast is brought to you by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage S ....
“I'm at a place in my life where errands are starting to count as going out.” No one’s getting any younger, and like time marching on, technology does as well. For history buffs, here is a recording of the voice of someone born in 1800, at the 13:30 mark in the video. Fast forward, and something that enthralled countless kids has run its course: The last Chuck E. Cheese animatronic band in the world will exist in Northridge, California. Remember when that chain was popular for kids’ birthday parties? Assumable mortgages were, at one point, popular as well, but not any longer. “Assumable mortgages are hard to find, take long to process, and are only good for certain buyers.” But that doesn’t stop them from grabbing the public’s attention when they’re in the headlines. (Today’s podcast can be found here, and this week’s is sponsored by Richey May, a recognized leader in providing specialized advisory, au ....
The old joke, “Why don’t the Phillies have a website? Because they can’t string three W’s together!” is no longer true. The Phillies are doing just fine, and the MBA Annual is underway. Talk in the hallways includes the Community Home Lenders of America, National Association of Realtors, and Independent Community Bankers of America sending a letter calling on the administration to reduce the historically high, long-term mortgage rates relative to long-term Treasury bonds, and the supposed UMortgage financials (showing loans held for sale, typically the sign of a mortgage banker not a broker, but really, financials on Reddit?). For many IMBs, their goals by going to the MBA Annual here in Philadelphia include searching for the reason for the wide bid/ask spreads in MBS trading, the reason for the increased Agency buybacks (increased inspection rates and not taking chances on seller servicers not being around in the future, are usually mentioned as the ....