High Balance News Today

When I win the lottery, I am going to buy one of these to heat my blankets at home. Of course, that would mean that I will have to start playing the lottery, so until then I’ll just have to rely on my cat Myrtle to prep things. Just because you own a home, doesn't mean you're wealthy; some homeowners live in poverty. A LendingTree analysis shows that more than 3 million families who live in owner-occupied homes in the U.S. earn incomes below the poverty threshold for their...

There’s an old LO joke, telling their client, “When you’re buying a house, be sure to do it with a significant other, and make sure that one of you has good credit. That’s why it’s called ‘significant’ other: sign-if-i-can’t.” Everyone in our biz knows that owning property is a great way to build wealth, although between elevated inflation, stubborn mortgage rates, and general economic uncertainty (one can argue that the future is al...

Time flies (see joke at bottom), and here we are at Pearl Harbor Day already. “I'm a multitasker. I can listen, ignore, and forget all at the same time!” Occasionally someone will accuse me of having a sense of humor. If true, it can be traced back to my parents, but a portion of it came from watching Norman Lear’s shows like All in the Family, Sanford and Son, Maude, The Jeffersons, and movies like The Princess Bride (“as you wish”). Mr. Lear died yest...

Do you use make up? Charles Revson of Revlon observed, back in the days when you could observe these things, "In the factory, we make cosmetics; in the store, we sell hope.” Informed mortgage people know that hope is not a strategy, and companies can’t hope that they’re never the victim of a hack. Here in the Dallas, Texas, area, headquarters of Mr. Cooper, the company was hit with a cyberattack forcing it to lock down its systems and impacting thousands and thousan...

The talk here in Missoula is about general inflation, and continued reductions & cutbacks as our biz hunkers down. Yet a mortgage publication just raised its subscription prices, only telling readers, “Good news, you don’t need to take any action,” then something about “auto renew… we’ll simply charge the payment method on file…” We all try to save money wherever possible. And price changes are wide-ranging… think global....

“What do you call a bovine with a stutter that makes chocolate milk? Cacao.” Speaking of sweets, hats off to Byte’s booth at the conference for dishing out some amazing s’mores brownies here in Philadelphia. (They will be my breakfast on my flight out this morning.) The brownies are sweeter than the upcoming credit report cost increases (there is definitely a shift to lenders having borrowers pay for credit reports up front, not eating the cost of reports run on loans...

A general discussion topic of those here at the MMLA conference in Michigan is the ups and downs we’re all facing. While mortgage applications drift down, and industry headcounts go down, and towns on Maui like Lahaina burn down, here’s something that isn’t going down: credit card debt. Talk to any underwriter or loan officer and they will tell you that loans have become more difficult, in part because of borrower debt loads, and sure enough credit card balances hit $1.03 tr...

Overheard last night at a bar here in Austin, Texas: “It’s hotter than the hinges to the gates of hell.” Not so hot, as residential lenders know, are volume and mortgage rates (which some believe may drift down during the final five months of 2023). No one can predict interest rates with any degree of accuracy or confidence, so originators should optimize the current situation with the cards they have been dealt, which aren’t always good. Speaking of which, an owner o...

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When I grow up, I want to own a place at the beach. It turns out that if I’m not too picky, and don’t mind being within a mile of the surf, I might be able to swing it. Here are the “Cheapest Places to Own a Place at the Beach in the U.S.” People living there had better pay their property taxes, but it’s no surprise that more than $14 billion in property taxes go unpaid each year, according to the National Tax Lien Association (who knew there was such a thing?!...