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Originators: Want to add value for your potential current or previous clients who are veterans? Send them a link to Veteran’s Day discounts and free meals. LOs and brokers are good at staying in touch with potential clients and continue to prospect and talk to previous clients. (In fact, the current STRATMOR blog is titled, “Listening to Real Estate Agents Can Pay Off for Originators”.) A good reason to talk to previous clients is about their credit card balances. As noted in the Commentary recently, Americans' credit card debt hit a record $1.08 trillion in Q3, with delinquencies led by Millennials, according to the Federal Reserve Bank of New York. So LOs, this means your previous clients are potentially paying 20-30 percent in non-tax-deductible interest on their outstanding credit card debt… A good reason to touch base. (Today’s podcast can be found here, and this week is sponsored by nCino makers of the nCino Mortgage Suite. With three pr ....
“I dance like people wish they weren't watching.” Someone sure is watching, and counting, empty houses. Lack of available housing inventory has helped keep housing costs high throughout many of the nation’s big cities, but nearly 5.5 million homes sit vacant across the nation’s 50 largest metropolitan areas. The average vacancy rate across these 50 metros is 7.22 percent, with New Orleans (13.9 percent), Miami (12.7 percent), and Tampa (12.2 percent) having the highest vacancy rates. Vacancy rates are lowest in Minneapolis, Austin, and Washington, D.C., the only metros in the study with vacancy rates below 5 percent. Just because an area has a high vacancy rate doesn’t necessarily mean that there’s something wrong with its housing market. Roughly one-quarter of vacancies are due to being empty for rent, one-fifth because they're only used part time, and one-twelfth because they're being repaired or renovated. (Today ....
Camping: “where you spend a small fortune to live like a homeless person.” Lenders have done a remarkable job in the last few years trying to reduce homelessness in an indirect way, namely putting credit-worthy borrowers in well-collateralized properties in a compliant manner despite COVID. But let me get right to the point. It’s not good out there now for residential lenders, or their counterparties. After a remarkable, record-setting 2020 and 2021, the industry is now suffering, and companies are adjusting. (The current STRATMOR blog is, “Mergers and Acquisitions Continue On.”) We all knew the good times wouldn’t last forever, but the degree to which things have plummeted has been surprising. First the corporations were hit, then branches, and now mortgage loan officers (MLOs) are feeling the pain of a) very little business, and b) higher rates. Do IMB originators think that their 100 or 150 basis point commissions are untouchable, especially ....
Harvey E. Kelley Sr. WILLIAMSBURG Harvey E. Kelley Sr., 93, was called home for everlasting rest and eternal joy Thursday, Jan. 21, 2021, at Riverside Doctors’ Hospital of Williamsburg surrounded by family. His life began Oct. 9, 1927, in Waverly, son of the late Eleanor and Walter Kelley Sr. He attended Williamsburg-James City County Public Schools, graduating from Bruton Heights School in 1947. One year later, he joined in holy matrimony with the former Marion E. Whitby. Harvey started his career with the Colonial Williamsburg Foundation, retiring after 47 years of service. He later worked 17 years with Anheuser-Busch before retiring for a second time. He was also an honorary member of the Old Capital Lodge No. 629. ....