Tom Galluci News Today

Yes, it’s already Tuesday. Are we at the top of the market? A pair of Goldman Sachs-backed ventures gobbled up an entire rental home community in Florida last month for $45 million, according to reports. Lenders everywhere keep one eye on housing trends, and every Friday at 3PM ET I do a Zoom show with Rich Swerbinsky for The Mortgage Collaborative discussing current events in finance and housing. I try to have fun backgrounds. In Friday’s show, however, at the 6-minute mark the wi...

The last pay phone was removed from New York City yesterday. (Heck, growing up I financed my baseball card purchases by looking for loose change in those and newspaper vending machines.) Communication is certainly always changing, and successful loan officers and managers are adept at knowing the best way to communicate with others. Communication aside, loan officers have a lot on their plates. On a micro level, every loan is a hard deal, and LOs are focused on providing the best program for the...

Remember: April is National Procrastination Month! I could tell that my cat Myrtle was displeased the other morning. She’s very secretive about her finances, but my guess is that she’s “long” residential lender stocks and procrastinated selling them. Nearly every lender’s stock price is near all-time lows, making the sellers of these companies during the last few years look like timing geniuses. Earning notes on UWM and Rocket are below, but loanDepot shares ha...

Happy 420 Day. (Tomorrow, by the way, is Happy Surprise Drug Test Day.) Another day, another layoff story from Better.com. The human tragedy in Ukraine continues, but the world financial markets seem to be concentrated on the mounting inflation numbers. Our Federal Reserve is viewed as playing catch up, and we are reminded of its mandate of “maximum employment, stable prices, and moderate long-term interest rates.” Here in Atlanta, in the MBA and STRATMOR Peer Group Roundtable meet...

I happen to be visiting Manhattan this week. Besides the news about the subway shooting, the overall “hum” of this place being unmistakable and I mention this for two specific reasons. First, the bartender trainee at the restaurant last night was from Turkey. It was her first night on the job, and she had graduated from law school in Turkey but this newly minted attorney had decided to come to the U.S. and earn money! Second, in speaking to the manager of Javelina (which I’d...

My friend David had his id stolen and now he’s just Dav. Having anything stolen is not a laughing matter, and since we’re in the money business, lenders and vendors are often the target of cyber-attacks. If you want the FBI’s take on them, the Texas MBA is hosting the “Anatomy of Cyber Attacks” webinar next Wednesday, April 13th. (More upcoming events below.) Some MLOs think that interest rates have stolen their livelihoods, but really, did you think 30-year mo...