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Deal to acquire LenderSelect from Blue Ridge Bankshares will also enable "significant expansion" of secondary market trading platform, Maxwell Capital. ....
Carol K. writes, “Back in my day there was so much cheap toilet paper and eggs that we would throw them at the houses of our enemies.” And then there’s, “Money can't buy you happiness, but you can sure have a good time searching for it.” Speaking of a good time, are you single? Want to make $1,500? Shane Co. will pay you to go on 15 first dates. Search for dates at the grocery store, a dating app, whatever. Many lenders are searching for production, and with that in mind, is your company participating in the FHFA’s Special Purpose Credit Program? Rumor has it that those lenders in the pilot program must pay up to $5,000 per loan… but what do I know? If true, is that added to the $11k the MBA tells us it already takes to do a loan? There’s even a “tool kit.” And of course the CFPB is keenly interested in these types of programs. Any questions about participating or NDAs or procedures should be addressed to you ....
Stage presence during the holidays? Here’s an example . Christmas, and 2023, is roaring our way… What are you telling your bosses? If you’re working on projections for next year, next Thursday at 11AM PT join the MBA’s fabled chief economist Mike Fratantoni and me whilst we debate the future with Sales Boomerang and Mortgage Coach. Something for the whole family! “Rob, are you hearing that lender fallout is increasing, and with it costs that are incurred early in the process like running credit?” Absolutely. Lenders, in their zeal to lock in volume, seem to start processing and locking borrowers sooner, but then deals are falling out of contract for various reasons. And volume is not good: According to Curinos , November 2022 funded mortgage volume decreased 68% YoY and 20% MoM. In the retail channel, funded volume was down 73% YoY and 20% MoM. (The average 30-year conforming retail funded rate in November was 6.59%, 52bps higher than Octob ....
This morning I head to Kansas City to spend some time with the MBAKC. KC is a mere 500 miles from Oak Park, Illinois, east of Chicago and childhood home of Ernest Hemmingway. (Although Ernest Hemingway never actually used the phrase, “Wide lawns and narrow minds” when describing his childhood neighborhood, it certainly is catchy.) And KC is a hop, skip, and a jump away, which in this case is 800 miles, from Cleveland. Why do I mention this? I know it’s not even Thanksgiving yet, but fans of “The Christmas Story” movie should know that the house (and museum, and grounds) is for sale in Ohio. The inventory of houses for sale has increased in many parts of the nation, of great interest to those studying industry trends. Along those lines, not only do lenders have to compete with other lenders, and institutions snaring houses to turn into rentals, they have to contend with all cash buyers. But sage originators know that where there are homes without mortg ....