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What’s our Federal Reserve concerned about? I was in a restaurant last night in Truckee, California, and was shown the table and handed the menu. When the waiter came back five minutes later, he said, “While you were deciding, we raised our prices.” Okay, a little inflation exaggeration humor there, but things are certainly always changing. Remember when everyone thought Amazon or Zillow were going to take over lending? Zillow is shuttering its closing and title services division. Something else that always changes is the population: 10,000 people a day turn 62, and many are eligible for a reverse mortgage, and so many lenders and LOs see reverse being a growth field. (Carol Ann Dujanovich, VP/Director of Reverse Mortgage Operations with University Bank, is featured on today’s 30 minute Rundown at 12PM PT on what’s made its Reverse Platform successful over the years.) (Today’s podcast can be found here and this week’s is sponsored by Gal ....
Hey, I’ve got news for you: 2023 is half over. Sometimes reality bites, and vendors and lenders can’t sit there, wringing their hands, waiting for things to get better on their own. Are lenders suddenly going to make huge margins on lots of volume in the second half? Are LOs who were doing 2-3 loans a month in the first half suddenly going to do 4-6? Are vendor reps suddenly going to double their clients? Are rates going to plummet? Is the number of houses for sale going to skyrocket? Banks, credit unions, and depositories are certainly doing something. An analysis of call reports shows that mortgage banking income at banks and thrifts increased by 36 percent on a sequential basis. JPMorgan Chase and Wells Fargo individually more than doubled their MB income from the fourth quarter to the first. Others, like Truist and PNC followed, as Inside Mortgage Finance points out. That said, to the surprise of no one, mortgage-banking income at banks and thrifts was down 38 percent ....
The EUR/USD pair plummeted to a 20-year low of 1.0071 on Friday to end the week at around 1.0170. Panic took over financial markets amid lingering rec ....