For those attending the Western Secondary, remember, it never rains in Southern California. Except for now. Here’s one person who won’t be seeing So Cal any time soon, and dare I say, every honest person in our biz is happy when this happens. Daniela Rendon, 31, was a Miami real estate broker but was sentenced to three-and-a-half years in prison for stealing $381,000 in COVID relief funds, wire fraud, money laundering, and identity theft. Rendon probably won’t care too much about what the Federal Reserve does while she’s working in the laundry room or serving up oatmeal, but the Fed will probably restate, through Chairperson Powell speaking at the end of the week, its intent to keep interest rates high for an extended period to make sure inflation does not flare up again. In other legal and compliance news, Freedom Mortgage’s RESPA Consent Order with the CFPB is getting some attention from Mortgage Musings author and attorney Brian Levy. (Today’
Jordan Peele met his famous comedy partner Keegan-Michael Key around 2002 at Second City in Chicago, and eventually performed this classic routine that every air traveler should see. This morning I head to Chicago, and from there to the MMLA event in Mt. Pleasant, Michigan. Given my time with originators last week, the email traffic over the weekend, lenders are very concerned about overcapacity and therefore overhead. On a micro level, staff that may have been held onto “just in case” volume picked up are being reviewed. On a bigger scale, owners of lenders and vendors have seen their values decline and mergers and acquisitions are definitely a topic. The latest example of this is Denver’s Proprietary Capital announcing plans to buy 100 percent of New Jersey’s American Financial Resources (AFR); employees and counterparties were told Friday. And on a macro level, this week the economic calendar features fresh updates on inflation, with both the July Consume
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