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May the 4th be with you! Without the lisp, there are many forces tugging at lenders and vendors. Forget 2020 and 2021. Recruiters are asking LOs what their numbers were in 2018 and 2019. Prequals are running amok, and with them costs for any vendor services like credit verification. The Mortgage Bankers Association’s Marina Walsh tells us that the cost per loan has gone up six quarters in a row, despite all the “cost saving” automation. Meanwhile, in the secondary markets, life isn’t much better… and what happens there directly impacts rate sheet pricing for borrowers. Liquidity in higher coupon securities backed by mortgages (MBS) has been poor to say the least with very wide bid/offers or simply no price discovery. As a result, some higher rate combinations may simply not be available yet. (Keep in mind that any rate over 6.125% would have to be delivered into a UM30 5.5, which are not yet trading in any material amount.) So LOs looking for premium ....