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Notes to start off the week?! First off, there are some darned clever people around, and this ditty (thank you to John H. for sending) sung to “American Pie” and lamenting the loss of the refi biz, ranks right up there for quality! (“… I can’t remember if I cried, when I read my client’s DTI, now considered too damn high…”) Second, lumber prices have dropped as the mortgage market has slowed. Lumber now comes in at $829 per 1,000 board feet, down 39 percent from its 2022 high of $1,357 in March. (To keep your perspective, today’s price is still nowhere near pre-pandemic levels of $300 – $500; One can always increase timber cutting on Federal land or reduce tariffs on Canadian lumber.) For bad news, last week investors focused on inflation with Treasury yields climbing higher, and back-to-back inflation reports showed prices posting record advances. On Thursday, the benchmark risk-free 10-year U.S. Treasury yield ramp ....
I received this from a loan officer in Michigan. “Forget the Serenity Prayer! Grant me coffee to change the things I can, and wine to accept those that I cannot.” There are tens of thousands of loan originators around the United States, primarily changing things for the better for their clients but recently some of them were caught taking a fraudulent continuing education class. Unrelatedly, one (former) Ohio Mayor claimed that ice fishing can lead to prostitution. Attorney Brian Levy somehow brings it all together in his Mortgage Musings about the slippery slope and what might happen to those LOs when they return from their 90-day suspensions. Fraud, including kickbacks, unfortunately, is on its way higher according to off-the-record chats with LOs, sometimes making the headlines (for example, a Georgia real estate agent ran afoul of the Department of Justice in committing mortgage fraud). And a quick note before we jump into the commentary: yesterday I published news ab ....
Corresp., MLO, Ops Jobs; Retention, Servicing, Construction-to-Perm Products; Fraud Report; CFPB, Compliance, and Legal Shifts Apr 22 2021, 8:14AM Not you, of course, but many other people in our biz are elderly. Sure you haven’t seen them in person in a year, but they’re there. Or they have elderly parents. Heck, is “elderly” a bad word now? Seriously, I hope everyone reading this has a long and fruitful life, and when I hit “elderly,” I hope that I’m put into this alternative living village. Speaking of lifestyles and renting, do you wonder where some of the potential inventory is going? How ‘bout to new neighborhoods that builders are building just for renters! Just like we’ve all seen salmon heading upstream into bears’ maws, and wonder how any of them make it upstream, many wonder how a house or subdivision reaches completion. Remodeling a bathroom? How long do you have to wait for a faucet? “The three main factors in ....
MLO, Branch, Ops Jobs; Sales, POS, Warehouse Products; STRATMOR Ops Paper; Ginnie, FHA, VA, USDA Updates mortgagenewsdaily.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mortgagenewsdaily.com Daily Mail and Mail on Sunday newspapers.