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Takeover and M&A rumors continue to swirl, and smarter companies are merely hiring production staff away from lenders rather than pay the baggage that may be associated with the target while some are selling servicing to help strategically or with cash flow. The MBA reports that our biz originated $4.1 trillion in 2020 and $4.4 trillion in 2021. 2022 is down from those numbers, and 2023 is expected to be $1.5-$2ish trillion, depending on who you ask, certainly less than half of 2021. It impacts everyone, but certainly with credit fees shooting up, credit reporting agencies (CRAs) are feeling the pressure and are being scrutinized by every lender. (See below for a full write up.) Want something else to worry about? Forgetting CRA feels and expensive mortgage leakage for a moment, how about the oil spill in Kansas that isn’t necessarily in the national press but will take years to clean up and cost billions? The Keystone pipeline has dumped an estimated 588,000 gallons
This morning I head from Chicago to Atlanta, with a corresponding change in temperatures (20 degrees) and snow readiness (even the Chicago garbage trucks can be outfitted with plows; an inch of snow in Atlanta can paralyze the city for a day). “Don’t knock the weather. If it didn’t change once in a while, nine tenths of the people couldn’t start a conversation.” Whether or not an individual believes in manmade, or natural, climate change, is immaterial. If investors in mortgage-backed securities, or insurance companies, do, and it impacts borrower pricing, or your ability to obtain insurance in places like Florida or California, then it matters. U.N. climate talks in Egypt, known as COP27, are underway this week, with many of the parties looking for concrete pledges to combat the damaging effects of climate change. "Moving from negotiations and pledges to an era of implementation is a priority," said COP27 President Sameh Shoukry. Go
The last pay phone was removed from New York City yesterday. (Heck, growing up I financed my baseball card purchases by looking for loose change in those and newspaper vending machines.) Communication is certainly always changing, and successful loan officers and managers are adept at knowing the best way to communicate with others. Communication aside, loan officers have a lot on their plates. On a micro level, every loan is a hard deal, and LOs are focused on providing the best program for their client at a competitive rate. (Today MortgagePros411’s Audrey B. and Kevin C. – both LOs - and I have, for lack of a better term, a freewheeling conversation today at 2PM ET about what is happening in the mortgage biz and what loan officers are seeing.) Senior management is working on making sure their origination staff has software to help LOs do their job, or products that LOs were too busy in the last couple years to attend training on and are now saying, “Huh? We have
Anyone who’s seen 1968’s “2001: A Space Odyssey” remembers the talking computer HAL (whose name was cleverly derived from subtracting one letter from IBM). We need more acronyms, right?! Here’s one I hadn’t heard: BNPL. The buy now, pay later industry is an increasingly important driver of retail sales, so has caught the attention of the mortgage industry’s pal the Consumer Finance Protection Bureau. I’d never heard of Affirm, Afterpay, Klarna, and Zip, notable players in the BNPL industry, but regulators are looking into their data collection policies. Those danged computers and their programmers! Are help desk jobs in jeopardy? Perhaps: Capacity just raised another chunk of change to automate helpdesks. Ever heard of Coadjute? Me neither (it’s a UK company) but its basic business purpose is something you and your real estate agent connections should know about: using blockchain to “bring together everyone involved