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Yesterday I spent some time in Northern California with two groups, one of which was CAMP, and while morale is good and everyone is in the holiday spirit, the business focus is on trying to reduce costs, rollout products to help what few borrowers are out there, and leverage technology as we head through December and into the winter. Christmas will be here before you know it. Have you noticed that FedEx trucks have different colors in their logos? Well, they do, and they mean something. (And don’t forget to see the arrow between the “E” and the “X” on the trucks. Afterward, try to unsee it.) The CFPB’s logo doesn’t have any such cleverness, but it published a response to questions regarding the HMDA closed-end loan coverage threshold and the 2022 NCRC et al. v. CFPB court order. (Today's podcast is here and brought to you by SimpleNexus, an nCino company and award-winning developer of mobile-first technology for the modern mortga ....
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 ....
In the press, here’s some information on the hit the Fed’s balance sheet has taken give the bond market selloff. And here at the MBA’s annual, some of the talk is about new products and about cost cutting. Yes, lenders are looking for new products, or help in exploring the viability of rolling something new out. For example, at the Capital Markets Committee meeting Sunday, I spent some time with Susan Brown, CMB, Founder & CEO of CoreSGB which helps lenders roll out construction loan products. In terms of cost cutting, I’ve spoken to a few owners who challenged their department heads to cut their costs 15 percent instead of the usual 10 percent, and brainstorm with others in doing it. We all know that net basis point goals (like aiming for 75 to 105 bps) have pretty much gone away. But if you’re “only” hitting breakeven, then unintended events can bring you to large losses quickly. If a company is seeing operational excessive ....
Here in Louisville, at AgFirst’s Correspondent Lending Conference, much of the discussion involves going after builder business (“focusing on how fast they get paid so they can pay their subs”), rural programs (“know how to communicate with your clients, or else”), top producer success (“treat your processor like royalty, and fill out the information correctly in the first place,” “set boundaries,” “sell yourself, not rates”) and agriculture. In ag news, the amount of butter the U.S. has in cold storage is down 22 percent compared to a year ago, and the average price of Grade AA Butter is up 80 percent year over year: seasonal milk production is down, there were 11,000 fewer milk-producing cows on U.S. farms compared to a year ago, and dairy products that see seasonal surges like cream cheese and eggnog are eating into supplies of milk that would otherwise go into butter. As butter prices rise, people switch t ....
As Florida’s homeowners, insurance companies, and companies that service loans in Hurricane Ian’s path, brace for the storm, lenders nationwide continue to grapple with a very, very difficult environment. Everyone wants a decent HELOC. Servicing sales have dropped. Buydown loans are back in vogue. (Ask your investor if they buy them, but Planet Home, AmeriHome, and Northpointe jump to mind.) Everyone wants a viable ARM product, at a fixed rate program with some points back. There are many asking if the days of paying 125-150 basis points to IMB LOs are numbered. There is a lot going on as we wrap up September. In fact, some would say it’s pumpkin spice season again, which can only mean one thing: it's time for the 2022 MBA Annual Conference. I spotted Garth Graham and David Hrobon from STRATMOR on the attendee list, who told me their schedule is quickly filling up. Any lenders considering their options as a seller in the current market should reach out to l ....