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At the TMBA’s Secondary Conference in Houston a topic is obviously interest rates and the economy… And the fact that the nation’s interest payment expense now exceeds our defense expense! It’s also a fact that Texas’ business climate is very friendly for companies. The #1 state in the nation for residential lending, California, not so much. Overheard here in the hallway: “California is a blue state wrapped up in red tape.” That said, permit process aside, California gets a lot of flak for its high cost of living, but that is for income tax rather than property tax, as exhibited in “Property Taxes by State in 2024” comparing home and vehicle taxes across the nation. Californians pay the 34th highest annual taxes on homes priced at state median value. New Jersey, Illinois, and Connecticut have the highest annual taxes on homes. Each year, the average American household spends $2,869 on real-estate property taxes plus another ....
Greetings from Little Rock, Arkansas (home of cheese dip, 1935)! George Thorogood’s music is alive and well here, and a happy 72nd birthday to he who wrote the lending anthem, “When I Do a Loan, I Prefer to be by Myself.” While George is busy celebrating his birthday week, apps plunged to their lowest level in two years, and the CFPB released a factsheet on the interest rate that is used for calculating prepaid interest under the price-based General QM APR calculation rule for certain ARMs and step-rate loans. Switching gears… Zoomed out? Me too. In person is so much better, although companies seem to be keeping pieces of technology from the work-from-home environment. For the past couple years, many of us have spent a portion of our workdays staring at screens featuring grids of their colleague’s faces. Teamflow offers an alternative. (Nope, this is not a paid endorsement.) The remote-work platform allows companies to create virtual offices with desk ....