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The US/UK air strikes against Houthi targets in Yemen retaliating for shipping attacks in the Red Sea dominated media, but their market impact remained rather limited for now. The biggest move came on the oil market with Brent crude rising from $77/b before the first strikes to as high as $80.5/b. ....
Every lender or investor with an “a” in their name seems to be subject to rumors and news in recent months. (More on Flagstar and American Pacific below.) Know anyone named “Bernadette”? The name is actually Latin for, “The act of torching a mortgage.” (Yes, it is cutting edge humor like that which brings you back.) Burning liens isn’t a topic, but paying them off early is, and with mortgage rates off of their highs, early pay offs, or EPOs, were a conversation topic at the conference this week. And with it, loan officer compensation follows. Can a lender pay an originator based on pull through? Yes. Can lenders pay different originators under different payment plans, as long as the originator sticks with one plan? Yes. Can a lender, if they comply with state labor law, ask for compensation back after an EPO or EPD? Yes, and it may depend on the contract signed by both parties at the beginning of employment. As always, consult your in-ho ....
“When cannibals ate a missionary, they got a taste of religion.” In late 2022 vendors and lenders had a taste of the first part of 2023, and it isn’t exactly sweet. No one owns a crystal ball, and if they did, do you really think they’d spend their time telling you about the future rather than sitting on a beach relaxing while their money did the work? In the midst of a dreary winter, who, in places like Michigan, Illinois, or North Dakota, aren’t thinking about the beach? Here’s a site to compete with Expedia that focuses only on enjoyable beach vacations. (We are reminded to continue to enjoy life, since death is in the headlines, most “before their time”: dozens from the storms in California and Alabama, Lisa Marie Presley, Jeff Beck, Charles White…) Continuing with the beach theme, Republican Gov. Ron DeSantis is poised to ask Florida lawmakers to ban China from buying farmland and residences in Florida. "We do ....
Think you won’t be impacted by anti-U.S. sentiment in Russia? Think again. The Cybersecurity and Infrastructure Security Agency (CISA) issued two alerts to all U.S. companies addressing risks from Russian sponsored cyber threats and highlighted that recent cyber incidents in Ukraine contain similar destructive malware deployed previously: Understanding and Mitigating Russian State-Sponsored Cyber Threats to U.S. Critical Infrastructure and CISA Insights: Implement Cybersecurity Measures Now to Protect Against Potential Critical Threats. A wise old loan officer once told me, “Poor salespeople talk themselves into failure, good salespeople talk themselves into success.” She has since retired. Yes, people retire from our industry, and here’s a very short, humorous girlboss comment mentioning retirement. There is definitely some new blood entering our business, which is good to see. Different age groups have different priorities and have different trivia. Someon ....
It’s Friday, things have slowed down a little bit, and I appreciate you taking a break from Wordle to check out today’s Commentary. Here’s a riddle: What’s bad when it is down, just right when it’s a little, and bad when it is too much? Answer: inflation. Inflation is really getting out of hand… That’s my three cents. The math is simple: if you’re earning 0 percent on your savings, the boss gave you a 5 percent raise, but inflation is 7 percent, you’re losing ground . Or perhaps the price is the same, but the size of your Egg McMuffin, Domino’s wing order, or toilet paper roll has shrunk: same thing. Sure you can use small amounts of your savings to cover up expenses like higher gasoline prices, but eventually it catches up. The labor markets are tight, demand remains elevated, and the effects of Covid are highly uncertain. Investors demand a higher yield, and the demand for cash increases as companies need to borro ....