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Anyone born around this time is a Capricorn, and if you believe in horoscopes, they are the most patient and careful, and they are down-to-earth for everything. The broad stroke feature of them is adamancy: they tend to hold on to their own views and never give up before achieving the goal. I like to believe that the goal of nearly every lender is to do more volume in a compliant manner, and the volume part is going to become tougher. According to Curinos, December 2021 mortgage rate-lock volume...

Today is about the day when you have to think twice about wishing anyone, “Happy New Year.” Okay, maybe tomorrow. There’s a lot of news out there to start 2022, including mortgage news. Moves by Freddie, Fannie, FHA, and VA have a ripple effect on the jumbo and non-Agency market as well. We were reminded of this yesterday when Freddie Mac and Fannie Mae, via their conservator FHFA, publicized April changes to their loan level price adjustments. Freddie announced “&#x2...

Want to know who’s in trouble for what? The Consumer Financial Protection Bureau (CFPB) issued its Supervisory Highlights report yesterday, which “shines a light” on legal violations identified by the CFPB’s examinations in the first half of 2021 as well as prior CFPB supervisory findings that led to public enforcement actions in the first half of 2021. Here in San Diego at the California MBA’s Legal and Regulatory Compliance ...

Do you smoke weed? Have you been vaccinated against COVID? Too early in the workweek for those questions? (Is it okay to ask if someone’s been vaccinated against polio?) Some questions aren’t, can’t be, shouldn’t be, are too politically charged to be, asked. We don’t want to need a lawyer to have a conversation with a co-worker or underling. This one is a little easier: What percent of outstanding MBS (mortgage-backed securiti...

“Dear Santa: This year I would like a) a slim body, and b) a fat bank account. Don’t mix them up like you did last year.” Ah, if only we could turn back time. Better.com CEO Vishal Garg's apology letter to current employees has been leaked on Blind by a verified Better employee. (Blind is the anonymous professional social network where Garg accused some of the people he laid off of working "two hours a day.") Better.com certainl...

If you are a VA lender, or service servicemembers’ loans, you don’t want to be singled out by the Department of Justice or the CFPB. And the two of them sent out letters yesterday with one of the letters specifically addressing mortgage servicers regarding military borrowers who have already exited or will be exiting COVID-19 mortgage forbearance programs. How ‘bout adding a Twinkie as a stocking stuffer this year? The rise and fall of Twinkies is an int...

When the public sees headlines like, “A Black Couple had a White Friend Show Their Home and Its Appraisal Rose by Nearly Half a Million Dollars,” of course regulators are going to take note, as will the public. In response to the Better.com public relations nightmare, from Wyoming comes, “No man is completely useless; he can always serve as a bad example.” From Illinois comes a famous Jay Leno/Hugh Grant video . (Skip the ad.) I imagine Bet...

W.C. Fields said, “Money will not buy happiness, but it will let you be unhappy in nice places.” Unfortunately, many people have much less of it, and here’s a quiz to start the week. What are -68 percent, -66 percent, -60 percent, -40 percent, -13 percent, and -2 percent? They are all the stock performance since their initial public offering, or SPAC merger, of well-known companies in the residential mortgage business. And the numbers aren’...

Today I head to San Diego for a California MBA board meeting, the home base of the Pacific Fleet. It’s been 80 years since Pearl Harbor, a “date that will live in infamy.” That was a terrible day. We all have bad days, but nothing in comparison to that and it is important to keep those days in perspective. The United States and our allies faced off against Japan, Germany, and Italy for the following four years. The residential lending industry is wonderi...