PASADENA, CALIFORNIA (PRWEB) May 15, 2023 Lender Price, a leading provider of digital lending technology for the mortgage industry, announced today that
Born in Ukraine, Golda Meir said, “Old age is like a plane flying through a storm. Once you are aboard there is nothing you can do about it." (Doubtful anyone called her Goldy.) Her time as the Prime Minister of Israel ended in 1974, and since that time oldsters in our biz have seen the yield curve invert ten times, give or take. Bond traders are no longer fully convinced that the Federal Reserve will do one more quarter-point interest-rate hike, given the nervousness about First Republic and fear of an economic downturn; recessions have tended to lag yield curve inversions by 6 to 18 months. (STRATMOR’s current blog is “The Yield Curve Is Inverted: Should Lenders Care?”) Politics are also on trader’s radar screens: A failure by Congress to raise the debt ceiling and prevent a default on US government debt would result in an "economic catastrophe" that will push interest rates higher for even longer, per Treasury Secretary J
While here in Denver I received an email. “Rob, does what’s going on in Florida impact lenders?” I had to figure out if the author was asking about Disney/DeSantis, new Florida Man news, climate change, or insurance issues. Florida has a lot of cool things: manatees, Dry Tortugas National Park, Epcot Center, and cigar rollers in Tampa who do parties. Unfortunately it now has an additional insurance fee, as Florida has imposed a 1 percent “emergency” fee to property insurance premiums due to property-insurer insolvencies. Lenders in Florida often mention the Agencies, including HUD, and loan amounts. More specifically, many people living in Florida (“locals”) couldn’t buy their own homes due to wages versus values. Many of the Florida home loans that LOs have crossing their desks are now true jumbos. Buyers don’t get much in Tampa for $700k, and eastern Florida is worse. The loan limits are out of adjustment for the locals.
(Warning: cuteness ahead.) How does it feel to be a loan officer dealing with multiple borrowers on one loan? The study of how people borrow money, and where they’re moving, is of great interest to LOs and lenders, as well as vendors and real estate agents. (Warning: numbers ahead.) Though many believed that the spike in WFH (work from home) workers associated with the COVID-19 pandemic would lead to greater geographic mobility, the number of domestic movers in the United States actually declined from 2019 to 2021. The percentage of people in the United States who moved in the previous year declined from about 14 percent to roughly 13 percent, according to the 2019 and 2021 American Community Survey estimates. In 2019, 7.6 percent of the U.S. population moved to a new residence in the same county; by 2021, that percentage had declined to 6.7 percent. The percentage of those who reported that they had moved the previous year to a new residence in a different county within the sam
“SMONDAY: The moment when Sunday stops feeling like a Sunday and the anxiety of Monday kicks in.” Do you think the shareholders and management of Credit Suisse felt that, given Credit Suisse is being purchased by UBS for $3.3 billion? Remember when CS was a renowned jumbo buyer? Now we can watch the layoffs. The CS price per share marked a 99 percent decline from Credit Suisse’s peak in 2007. Mark Twain said, "The older I get, the more clearly I remember things that never happened.” The S&L Crisis certainly happened, but have regulators, auditors, and rating agencies forgotten about it? Under the “getting ready to fight the last war” category, the Federal Reserve is evaluating tougher rules for midsized banks after the failures of Silicon Valley Bank (SIVB) and Signature Bank (SBNY). It is looking at tougher capital and liquidity requirements and could beef up annual "stress tests" that assess banks