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Isn’t ice cream a great food!? In fact, I worked in an ice cream plant in my early 20s. Did you know that Moose Tracks ice cream was named for a miniature golf course in Michigan's Upper Peninsula? Thank you to Carla M. who reminded me that July is National Ice Cream Month with an article on the top flavors. It is fortuitous that chocolate and ice cream met, as many of the most popular flavors have it. I know for a fact that mortgage attorney Brian Levy’s favorite ice cream is the uncommon rum raisin, although his latest piece has no relation to it whatsoever. Brian Levy’s most recent Mortgage Musing covers crowdsourced housing policy, professionalism, conflicts of interest in affiliated business arrangements, and whether doctor body cams are a good idea (spoiler alert: no). If you want to be “a-mused” while learning something about the mortgage business, subscribe to Levy’s Musings (it’s free and he promises he won’t sell ....
“I'm a multitasker. I can listen, ignore, and forget all at the same time!” We won’t, however, soon forget this part of the business cycle. “Rob, thank you for all your help placing ads for Ops staff for us. With the ‘Work from Home’ movement, and cutbacks, we don’t need all of this office furniture. Would you run an ad to sell it?” First off, I told the person that no, I wouldn’t. But more importantly, this well-known lender is experiencing what many lenders are, which is that cutting back can be just as difficult, if not harder, than expanding. We all knew that “refi burnout” would happen, but the speed at which mortgage rates have moved higher cutting refis, and purchase business not filling the void, surprised many. Originators have changed their tactics; Todd Duncan, renowned mortgage sales and training expert, will be discussing how LOs can adapt to this environment on The Rundown with Rich & ....
“Looking out at the road rushing under my wheels… Looking back at the years gone by like so many summer fields.” Yes, at the end of today we’re halfway through with 2022 (already). Time passes, hair styles, relationships, people, pandemics, and companies come and go. (Today’s joke has to do with the passing of time.) History is made and remembered. Woody Williams, the last surviving WWII Medal of Honor recipient (Iwo Jima), died yesterday at 98, as did Hells Angel founder Sonny Barger. When was the last time COVID made the headlines? Yesterday the Commentary noted, “Remember names like AmeriLoan, Countrywide, PNC, WaMu, Home Savings of America, Fleet, Great Western, World Savings, Associates, Nat City?” My apologies to PNC, and the many who wrote in, saying that it is alive and well. Business cycles are alive and well: With rates escalating higher and the home price appreciation that has taken place, buyer interest has rapidly deteriorat ....
One topic of conversation at the MBAH conference is the quote making the rounds, “Marry the house, date the rate,” a nightmare for capital markets and servicing groups engineering hedging programs. On a larger scale, no central bank wants to engineer a recession, of course, but the press seems consumed with the idea of a recession in 2023 or 2024… which would mean a) we’ll hear about it for another year or two while many lenders are just trying to survive, and b) it would probably lead to lower rates. Household balance sheets are currently still in fine shape. Corporate balance sheets are as well since many companies that issue debt regularly refinanced their outstanding debt during the last few years, lowering their obligations. just like millions of homeowners did around the nation. What isn’t as good is the daily operating budgets, especially for companies whose only income is residential lending. The implied year-end Fed funds target is now around ....