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Not all, but many, capital markets folks spent their college years rolling up their sleeves. Some not so much. When originators are asked about interest rates, some LOs may use the line in the clip above: “Oh, man. I only ride them; I don't know what makes them work.” (The current STRATMOR blog is titled, “Relying on the Fed: How Did This Happen?”) Yesterday the Federal Reserve Open Market Committee (FOMC) grabbed the headlines, despite doing exactly what everybody expected them to do: leave rates unchanged. Inflation is still higher than the FOMC would like. Certainly, insurance costs, whether they be homeowner or car, are inflationary. It would be foolish to blame the Biden Administration, or any administration, for things like insurance costs, ships running aground in the Suez Canal, a drought in Africa, or what OPEC does. Such is life, and one needs to ask how much more government interference we need or want. In my opinion, a president consultin
“A fine is a tax for doing wrong. A tax is a fine for doing well.” April 15th is in a week, the traditional date when taxes are due. Time flies. Do you realize that we have seven more months until the election? Seven more months of headlines and gaffes, posturing, missteps, and election trivia (like no Republican has been elected to the White House by a majority of Americans since 1988). I’m glad residential lending continues to motor along, albeit at a very moderate pace. Politics can determine the regulatory environment, and this Wednesday’s L1 “Mortgage Matters: The Weekly Roundup at 11AM PT has Kathy Kraninger, former director of the CFPB from 2018 to 2021, now CEO of the Florida Bankers Association. (Found here after 8:30AM ET, this week’s podcasts are sponsored by PHH Mortgage. From subservicing to correspondent lending, MSR/co-issue transactions, portfolio retention, reverse mortgages, and commercial servicing, PHH has solutions for the
Welcome to February 29; The 366th day is added to keep the calendar year synchronized with the astronomical year or seasonal year. What do astronomers know that we don’t? In general, what do “they” know that we don’t? Recall when Wells Fargo left correspondent, and other correspondent investors wondered the same thing. Now Rocket Companies will shut down Rocket Pro Originate in June, a mortgage origination platform for real estate agents and other financial pros. What does Rocket know? (More below). This biz is always changing, and this week I spent some time with Alanna McCargo, President of Ginnie Mae (without Ginnie Mae execution, FHA & VA programs would not be able to scale), and Ginnie is definitely trying to stay ahead of the curve which in turns helps first-time home buyers. (Found here after 8:30AM ET, this week’s podcast is brought to you by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage S
In our biz, you never want to hear, “deception,” “targeting the elderly,” or “abusive tactics” related to a company. But there they are in this report, “The Ugly Truth Behind We Buy Ugly Houses.” (Thank you to Ken S. for passing this along.) The franchise is nationwide, unlike… cicadas? The U.S. Census Bureau says the Midwest includes 12 states: the Dakotas, Kansas, Missouri, Iowa, Nebraska, Illinois, Indiana, Minnesota, Wisconsin, Michigan, and Ohio. I mention this, not only because some people are confused where they live, but also because this spring, two different broods of cicadas, one that lives on a 13-year cycle and the other that lives on a 17-year cycle, will emerge at the same time from underground in a rare, synchronized event that last occurred in 1803. Billions of the winged insects will make an appearance across the Midwest and the Southeast, beginning in some places in late April, for a raucous mating ritual