Here’s what happened when a company relied on forecasts and rate predictions during late 2022 for its business in 2023. You’d have a come-apart! Speaking of losing one’s cool, how do you think IMBs feel about this Bloomberg story about how mortgage fees at banks are less than at non-banks? In STRATMOR Group’s December Insights Report, STRATMOR provides key takeaways that will help lenders think outside the box, evaluate new strategies, take risks and survive the downturn that is likely to continue into the first quarter of 2024. Lenders are looking at rising credit costs, asking if there alternative financing strategies versus traditional warehouse lines, is there a “best” technology underwriter, and how are lenders handling HPML loans, like sharing the cost between a branch and corporate? Today’s podcast can be found here, and this week’s is sponsored by Lender Toolkit’s AI-powered AI Underwriter and Prism borrower income
Everyone’s above average, right? This morning I head to Chicago where residents have the dubious honor of being the worst when it comes to estimating home values. Homes are expensive… Who knew? Apparently not the vast majority of Americans, which reminds me of the saying, “Never underestimate the intelligence of the average person.” All Star Home surveyed Americans in the most populous U.S. cities, prompting them to guess home prices in their communities to determine where people have the best and worst home value intuition, and 86 percent of people were surprised at how high home prices are in their area. Boomers (91 percent) are most surprised by high home prices, followed by millennials (87 percent), Gen X (85 percent), and Gen Z (84 percent). San Francisco locals excel in home price intuition, but Chicago residents fare the worst. (Today’s podcast can be found here, and this week’s is sponsored by Richey May, a recognized leader in providin