“Alexa, where’s my damn package?” (Page down 3-4 times to the video.) Life is full of surprises, good and bad. Rates aren’t a surprise… The U.S. Federal Reserve can only do so much about inflation. Geo-politics are a big deal, of course, and there is nothing our Fed, tasked with maintaining economic stability in this country, can do about those. Vendors and lenders are doing what they can, cutting over-capacity and expenses. Capital markets staffs everywhere are interested in which investors have pushed out the $2,500 Freddie and Fannie month-old HomeReady credit, as well as non-QM, jumbo, co-issue, and servicing buyers. (STRATMOR’s current blog is titled, “It’s 2024: Do You Know Where Your Servicing Is?”) Speaking of capital markets, today’s TMC Rundown features Mutual of Omaha’s Matt Nyman. (Found here, this week’s podcast is sponsored by Truv. Truv lets applicants verify income, employment, assets, i
Hedging, Productivity, POS, Audit and Tax Products; Non-Agency News; STRATMOR on Sales Costs; GDP Solid
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Last week my son asked if I had seen the dog bowl. I replied, “I didn’t know he could!” The weather here in Palm Springs, California is much different than that of Anchorage, and yesterday’s Commentary’s mention of the fabled Iditarod prompted Fairway Independent’s Susan Hawkins to send, “I was there when I lived in Anchorage! Here are some photos.” Looks cold, which is to be expected. What is not expected is when a lender or vendor makes headlines. Huh? CoreLogic in the headlines again? Yup. What is also in the headlines is the move in interest rates: The bond market price selloff came after Fed Chairman Jerome Powell warned in his testimony that the "ultimate level of interest rates is likely to be higher than previously anticipated." So, any loan originator, or lender, praying for lower rates soon is likely to be disappointed. (Today’s podcast can be found here and this week is sponsored by SimpleNexus,
While the musical world mourns the loss of Gary Rossington, the last original Lynyrd Skynyrd band member, and I head to San Diego this morning for the TMC event, but I’ve heard through channels that my cat Myrtle is thinking about copywriting her trill after hearing the news that the Toblerone candy company is removing the Matterhorn from its label due to pressure from Swiss authorities: 80 percent of raw materials must come from Switzerland, so it’s a numbers game. Being a loan officer is a numbers game: so many calls and emails per day, yield so many call backs, yield so many applications, yield so many eventual closings. Day after day, and it is not glamorous. There’s a dog team race that is also a numbers game. The 1,000-mile Iditarod kicked off in Willow, Alaska, 70 miles north of Anchorage, with a finish line in Nome. This year there are only 33 mushers, a record low since the first race in 1973. The average number of starts in the first 50 races was 63 conte
I have news for you, and I hope that I’m not bursting anyone’s bubble here. If a meat packer could sell the delicious looking meat that you see in the background in ads for hamburger at $15/pound, do you really think they’d put it into $4/pound ground beef, or $2/pound hot dogs? Yes, numbers can tell a story, like it or not. How about this nifty map, great for loan officers and real estate agents and discovered in my email files, showing the population shift in the United States during the last ten years? Continuing with the numbers theme, today only 10 percent of U.S. mortgage borrowers have adjustable-rate mortgages, and that number was 40 percent in 2008. In terms of our biz, today’s higher mortgage rates only impact new buyers and borrowers. Existing fixed-rate home loan borrowers are insulated from increases in short-term interest rates. “Let the Fed do what it will!” Lastly, Rocket gave the world a lot of numbers yesterday in the form of
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