The other night, at the Bruce Springsteen concert in San Francisco (it was great), he did a crowd favorite, singing, “Baby I got my facts learned real good right now, you better get it straight darling: Poor man wanna be rich, rich man wanna be king, and a king ain't satisfied till he rules everything…” If you want to read a story with words like bullying, harassment, smear, empire, disgusting, and other similar “lyrics,” you can read this tale about Rocket’s Dan Gilbert and UWM’s Mat Ishbia. Not only that, but suddenly everyone is talking about some company called Hunterbrook, not only being tied into a hedge company (which, in theory, can short a stock, publish a negative story later, watch the stock go down, and then cover their shorts and make money) but putting a link into an expletive deleted-filled voice mail from Mat Ishbia to Anthony Casa. As the world turns… more below! Meanwhile, there are constructive things, l
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If you’re staying here in Manhattan, space is at a premium. I don’t recall the last time my room had a bathroom where one could turn the shower on, flush the toilet, and brush their teeth in the sink, all for a nightly tariff that would more than cover the monthly rent in many places around the world. Although this conference is about all things capital markets, like screaming buybacks from the Agencies, especially Freddie Mac, the primary markets are also a source of conversation. “Good originators don’t always make good branch managers.” “Many LOs have high emotional IQs, so it is very difficult for them to let an LOA or processor go. If LOs were doing 20 loans a month, an LOA makes sense, but when they’re doing five?” “Forget volume: A roughly 67 percent drop in units in two years… How are lenders handling that?” Stay tuned for more topics from the hallways at the National Secondary! (Today’s podcast
If I had a dollar for every time someone called me a boring nerd, I'd have a mean daily income of $5.64 with a standard deviation of $1.25. Turning “boring” into “interesting” is something to be proud of. How about a hand-held miniature chainsaw or a shopping cart with a magnifying glass attached for reading labels? For loan originators, new and old, who think creativity has vanished from residential lending, maybe they should focus on the basics. This eBook has been recommended to me: “The Ultimate Borrower Communications Strategy for Mortgage Lenders.” I recently received this note from a successful loan officer. “Rob, my commissions in 2020 and 2021 were over $500k each year. In 2022 they dropped about 50 percent to about $250k. 2023 promises to be even lower, and I’ll be lucky to make $200k. Are you seeing this everywhere?” Yes, I am. But keep things in perspective. In the U.S., and certainly in the world, $200k