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Time flies, and we’re more than halfway through the 3rd quarter. Few lenders and vendors look forward to heading into the autumn or winter of any year, and with the U.S. 10-year up to 4.30 percent, millions of borrowers content with low rates thanks to us, and with four consecutive negative prints in MBA mortgage applications, the demand for mortgages is now roughly 9 percent lower compared to the last positive print on July 14th. With mortgage rates hovering around 7.5 percent, we can all expect rate sensitive borrowers to continue to sit out. Lenders everywhere are grinding away at lowering their cost per loan. Of course, part of that is beating up on vendors when ordering, putting together bundling packages, looking at employee cost (more on that below) and manufacturing cost. Pricing exceptions are looked at dollar by dollar, which is often why Lender A doesn’t care much when a branch goes to Lender B when examining Lender A’s book of business showed unprofitab
“If you have no interest in banking, you are not a loan.” (Best said out loud to a 6th grader.) Cutting edge humor aside, this morning I head to Orlando for the FAMP event, in a state where there are a total of 186 banks operating with 4162 branches. Some of the conversation will be about Freddie Mac earning $2.9 billion in the 2nd quarter (how’d your company do?). Banks… Last Friday we saw something we haven’t seen for a while: a bank closure. “Heartland Tri-State Bank of Elkhart, Kansas, was closed by the Kansas Office of the State Bank Commissioner, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver… the FDIC entered into a purchase and assumption agreement with Dream First Bank, National Association, of Syracuse, Kansas…” While we’re on Agency and government news, the Federal Reserve's quarterly Senior Loan Officer Opinion Survey found that banks have tightened credit standards f
The Chocolate Festival of Belize is in full swing in Southern Belize today Friday and tomorrow Saturday, May 19-20, in Mafredi and Santa Cruz in the Toledo District, the chocolate capital of Belize.