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Do you use make up? Charles Revson of Revlon observed, back in the days when you could observe these things, "In the factory, we make cosmetics; in the store, we sell hope.” Informed mortgage people know that hope is not a strategy, and companies can’t hope that they’re never the victim of a hack. Here in the Dallas, Texas, area, headquarters of Mr. Cooper, the company was hit with a cyberattack forcing it to lock down its systems and impacting thousands and thousands of clients of hundreds of lenders whose clients rely on them. I don’t know if live-time cyber-attack maps are for real, but they are mesmerizing. Be careful out there! As of 2023, the average cost of a data breach in the United States amounted to $9.48 million dollars, up from 9.44 million U.S. dollars in the previous year. The global average cost per data breach was 4.45 million U.S. dollars in 2023. (Today’s podcast can be found here, and this week is sponsored by nCino makers ....
Deal to acquire LenderSelect from Blue Ridge Bankshares will also enable "significant expansion" of secondary market trading platform, Maxwell Capital. ....
“Last week I told a joke over a Zoom meeting. It wasn’t even remotely funny.” Working remotely from home, or at least adopting a hybrid model, is something I hear about from lenders and vendors everywhere in my travels. There probably aren’t too many bankers at First Republic working from their sofas these days. Recall that First Republic, which announces earnings next Monday and continues to be mentioned by analysts despite things quieting down in the overall banking sector, received $30 billion in deposits from a group of big banks, but there was no equity. If that $30 billion is converted to equity, for example, then First Republic’s troubles are over but as it is the stock is trading at less than 20 percent of tangible book value. Those “in the know” will suggest that either a sale or a seizure is likely, probably at a discount or some set of provisions. Originating loans with 3.5% weighted average coupon in this market when you have ....
Fintech mortgage solutions platform among fastest-growing private firms mpamag.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mpamag.com Daily Mail and Mail on Sunday newspapers.