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Time flies (see joke at bottom), and here we are at Pearl Harbor Day already. “I'm a multitasker. I can listen, ignore, and forget all at the same time!” Occasionally someone will accuse me of having a sense of humor. If true, it can be traced back to my parents, but a portion of it came from watching Norman Lear’s shows like All in the Family, Sanford and Son, Maude, The Jeffersons, and movies like The Princess Bride (“as you wish”). Mr. Lear died yesterday, but his impact will be long felt. Audiences loved his shows. Does your customer love you, no matter the price? That’s the case with Coke. The average price of a 12-ounce can of Diet Coke in a package of 12 was 34 cents in 2018 but hit 56 cents per can in October 2023, a 65 percent increase. In general, Diet or regular, prices have shot up: The average price of a Diet Coke at a restaurant hopped up from $2.05 to $2.77. Inflation at many levels is impacting rates, including Treasury ....
Think mortgage math is complicated? Many in the nation are focused on air conditioning. Why is it measured in tons? It harkens back to the days of using ice, and a “ton” measures how much heat, removed by the system, would be needed to melt 2,000 pounds, or one ton, of ice in a 24-hour period. The result is then expressed in BTUs per hour. It takes 288,000 BTUs to melt a ton of ice in 24 hours, or 12,000 BTUs per hour. 1 BTU/hr. = 0.00029307107 kWh. And the average residential electricity rate in the U.S. is about 23 cents per kilowatt-hour (kWh). When you see your utility bill in the mail, don’t think about me. Maybe the math in a company acquisition is more straightforward. I mention this since ICE and Black Knight have agreed to sell Optimal Blue to Constellation Software in an effort to get regulatory approval for their merger. Constellation Software is already buying Empower and will purchase OB for $700 million paid for in $200 MM cash and a $500MM promissory ....
If you’re really happy when a scheduled conference or Zoom call is cancelled, does that mean you’re in the wrong line of work? (Asking for a friend.) The demand for Team or Zoom calls certainly skyrocketed during the pandemic, although as companies have moved back into the office to some extent, the demand for them has dropped. Supply and demand determine mortgage pricing, so there is little use in a lender originating loans if there is no demand by investors or portfolios for those loans. Most jumbo loans are originated in states near the Atlantic and Pacific Oceans. Many originators in those states are wondering where their jumbo pricing will come from, as not only is Wells Fargo Correspondent gone but now First Republic, the 4th largest jumbo mortgage lender, has just exited the market. On the investor call, Jamie Dimon noted that First Republic’s core business of “making very large cheap mortgages will not happen going forward.” Other banks have a ....
This is the start of Fat Bear Week. (My money’s on Popeye.) Those poor bears don’t have much privacy, and it turns out that neither do humans. Consumer Reports tells us that TikTok is tracking people even when they don’t use TikTok. Another blow to keeping everyone’s personal data personal. With satellites and drone photos, there isn’t any privacy from above, and the devastation in Florida is horrendous, a portion of which is shown in these before and after photos and citizens will certainly need more than paper towels to start the work of rebuilding in Florida and Puerto Rico. Families, homeowners, mortgage servicers, and lenders are continuing the search for survivors and evaluating the damage. The wind and rain are hitting New Jersey and Philadelphia, but with much less wind than the 155 MPH that hit Florida when Ian made landfall in Florida. The six-month hurricane season ends November 30th, so we still have a couple months but let’s hope t ....
We began 2022 thinking that this might be the “Year of Non-QM.” The product certainly has its advantages for some borrowers, and lenders & investors. And then First Guaranty and Sprout vanished, and the herd of lenders was spooked, began talking about March of 2020 when some investors backed away from the market, and everyone was reminded to never have only one “take out” for a given loan or product. And then the headline yesterday: “SEC Charges Angel Oak Capital Advisors with Misleading Investors in $90 Million Fix-and-Flip Securitization.” Meanwhile, the industry is watching inflation numbers yesterday and today. One way to fight inflation is for a food supplier to put four tomatoes in a box that held five in the past. And don’t get me started on restaurant portions: higher prices and smaller portions have caught the attention of Consumer Affairs. Know that since the CPI report yesterday, Fed speakers have been quick to tem ....