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“The human brain is the most amazing organ in the human body. It works 24 hours a day, 365 days a year, from birth up until the moment that you buy your first NFT.” Money, some say, makes the world go ‘round. Last week we all learned that net production income for independent mortgage bankers fell to a $301 loss (13 basis points) for all of 2022, according to the MBA, a series low for the index which began in 2008. Marina Walsh, CMB, MBA’s VP of Industry Analysis, sagely observed, “The stellar profits of the previous two years dissipated because of declining ...

“Where can you always find money? In the dictionary.” Plenty of lenders and finding the money to buy other companies while smaller ones are looking for the right buyer. Eat or be eaten seems to be the name of the game as lenders hungry for production are courting other lenders. Some just get out of the game entirely. (See lender and investor section below.) Cutting costs and being efficient continue to be of paramount importance regardless of plans for the future. Is the credit process cost effective and efficient? Yesterday I mentioned changes in the credit world and received, &...

“Do you know that humans eat more bananas than monkeys? Think about it, when was the last time you ate a monkey?” Words and terms are important. At this point, any company not having layoffs, reductions in force, or “right-sizing” (such a PC term) makes news, not the organizations actually making cuts and changes. (In K-pop news, even BTS announced a “hiatus” to focus on solo careers after nearly 10 years together.) And lenders aren’t the only ones cutting back. Real estate firms Compass and Redfin (owner of Bay Equity Home Loans) are laying 6-1...

Besides a reminder that it is Teacher Appreciation Week, how about some loan officer humor to lead off Monday? “We’re closing on our house next week. Sorry we didn’t use you.” “Oh, that’s okay. You should really go buy a new car this week to celebrate.” LOs have a lot going on, including dusting off their adjustable rate mortgage playbooks: ARMs are making a comeback. Rate talk dominates. Unfortunately, the pricing isn’t quite there yet to their complete liking. And despite the uptick we’ve seen in ARM locks (around 8 percent indus...

Sure, Fannie had $5.2 billion of net income in the fourth quarter of 2021, but money can’t buy you love. Love is more of a chemical reaction than a statistical study, but computers don’t deal so well with that. But stats will tell you that apparently the best place to find love is Buffalo, New York. Lending Tree released a report considering seven variables, including median single-person household income as well as the percentage of the population that isn’t married, or lives alone, to help determine which of the nation’s 50 largest metros are the best for single ...