“What do you call James Bond having a bath? Bubble 07.” In different bond matters, mortgage rates will always be higher than Treasury rates, in part because of the prepayment risk in mortgages that doesn’t exist with Treasury bonds. With the drop in rates, sales management personnel at lenders are busy figuring out how best to remind the staff about EPO (early payoff) penalties levied by investors while at the same time working on ways to save money besides furloughing, cutting staff, outsourcing, and re-doing vendor contracts. The recent decline in rates and increase in applications is welcome: According to Curinos, November 2023 funded mortgage volume decreased 11 percent YoY and 10 percent MoM. In the Retail channel, funded volume was down 22 percent YoY and 10% MoM. The average 30-year conforming retail funded rate in November was 7.45 percent, 25bps higher than October and 85bps higher than the same month last year. (Curinos sources a statistically significant
Shutdown or no shutdown, the National Park Service’s Fat Bear Week is approaching, focused on how these behemoths tip the scale. Here’s your tip of the day: Having books in your Zoom background makes you seem more trustworthy. What if one of them is “The Complete Idiot’s Guide to Mortgages”? Maybe put some gold bars on the shelf instead? You can buy them now at Costco. Owning a home is a great way to build wealth, although mortgage rates are at 23-year high and mortgage applications have fallen 27 percent year-over-year… is your staffing down 27 percent from a year ago? (I know that’s simplistic, but…) At least you’re not Tanner Winterhof whom the Federal Reserve issued an enforcement action on for falsification of bank documents. On the more constructive side of things, originators and others can learn about special-purpose credit programs (set out unique standards and benefits to make loan qualification easier for people
Who can think of September 21st without thinking about Earth, Wind, and Fire? Yesterday I was on a United Airlines flight out of San Francisco to Savannah, in Row 14. There was no row 13… but I knew what row I was really in! Speaking of numbers, obvious or otherwise, this article caught my eye: The Average American Spends This Much on a Mortgage.” Credit unions and banks have obviously seen their residential lending volume drop but are usually able to move personnel to other departments within the company rather than lay them off. Figuring out how to increase business is a big topic, and Black homeownership is being discussed. For some perspective I turned to the St. Louis Fed with its extensive library of graphs. In fact, if you want to look at the opportunity for growth, look no further than the disparity in homeownership between White, Black, Asian, and Hispanic populations. (Today’s podcast can be found here and this week’s is sponsored by the Trade-In M
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