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With the yield on the risk-free 10-year Treasury note hitting 3 percent for the first time since 2018, you deserve some cutting-edge humor. Two hats were hanging on a hat rack in the hallway. One hat said to the other, “You stay here; I'll go on ahead.” In our lending biz, some companies are thinking it is best to “go on ahead” with someone else. Garth Graham, Senior Partner at STRATMOR, fresh off the Planet Home Lending Home Point deal, fired off this note to me. “In a market like this, we expect to see industry consolidation. Planet Home Lending is being opportunistic as being one of the first to seize scale benefits in the TPO space. Planet could double its market share in correspondent, and likely be a top 5 or top 10 player this year. Management is taking advantage of the market dynamics in a way I expect to see others follow. The M&A market is very hot, similar to the numbers from 2018. In 2018, there were 33 deals, then it s ....
As I head to Northern California, and mourning the loss of Meatloaf, I’m thinking, “Dang. I guess that I shouldn’t have put my entire 401(k) into Peloton stock a year ago,” a great combination of home exercise and technology. Brad Paisley sang, “…And I'd have given anything to have my own PacMan game at home. I used to have to get a ride down to the arcade, now I've got it on my phone.” Mortgage loan originators can’t do anything about interest rates, but they can do something about their service & technology they use. Technology is roaring ahead, whether you’re on board or not, and it is certainly roaring ahead in other, non-mortgage areas. Do you have your digital driver’s license? Using your face for a boarding pass? Try The Frostbite Alert Coat. The faux fur-lined coat has a patch on it that tells you when temperatures are too dangerous for your pet so you can prove to them it' ....