The S&P 500 Index and NASDAQ Composite fell for the third straight week, losing more than 2.0%. The S&P 500 and NASDAQ are on pace for their worst August performance since 2015 and 2001, respectively..
Broker Pricing and Non-QM Products; Seminars and Conferences; Rates Higher on Producer Prices mortgagenewsdaily.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mortgagenewsdaily.com Daily Mail and Mail on Sunday newspapers.
Youngkin halts Ford battery plant efforts in Virginia over concerns about China ⋆ Michigan Advance michiganadvance.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from michiganadvance.com Daily Mail and Mail on Sunday newspapers.
Abraham Lincoln famously stated, “Don’t believe everything you read on the internet.” There are always rumors out there. The latest to cross my desk, given the student loan forgiveness news, is that Nancy Pelosi (very distantly related to California’s Gavin Newsom through a marriage of his aunt) is leading the charge for the Biden Administration to forgive bar tabs. Not true! But speaking of the partial student loan forgiveness, which critics say does nothing to stop the real culprit of skyrocketing college cost inflation, the credit community seems to think that we won’t see the “Settled for less than agreed” typically that is associated with Charge Off accounts, and probably won’t impact credit scores. But don’t quote me on that. What is more factual is lenders continuing to try to turn fixed costs into variable costs. And why not? The MBA tells us that total loan production expenses (commissions, compensation, occupancy, equipment, and other production expenses and corporate allocations) increased to a study-high of $10,937 per loan in the second quarter, up from $10,637 per loan in the first quarter of 2022. From the third quarter of 2008 to last quarter, loan production expenses have averaged $6,902 per loan. Personnel expenses averaged $7,371 per loan in the second quarter, up from $7,113 per loan in the first quarter. And some companies are saying, “No mas.” More below. (Available here, this week’s podcast is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology and other services in the mortgage industry and in banking.
Loan officers who’d like to learn a thing or two about the current prospecting environment are invited to listen in today at 2PM CT/noon PT as Steve Richman discusses how LO’s activities are much more important than near-term results, database management is critical, new LOs shouldn’t mind going after traditional lower-level referral partners, and the importance of making calls and working on a Friday afternoon. And while we’re on sales, and marketing, the STRATMOR Group has an upcoming virtual workshop for senior retail sales, marketing executives, and CEOs. The workshop is focused on action items and best practices for sales and marketing leaders, focusing entirely on “what is most important and relevant in today’s changing and challenging market, and along with a panel of STRATMOR experts, you’ll hear from your peers about what is working right now… Three short and interactive power packed sessions are spread over three days (Aug 23-25) so you can keep your schedule on track – plus we’ll deliver an exclusive action plan following the event to all registrants. Email Jim Cameron to learn more. Is the failure to lend in certain neighborhoods the same as avoiding lending in those neighborhoods? The recent fair lending Consent Order and state AG settlements “sticking it” to Berkshire Hathaway affiliate Trident Mortgage in Philadelphia gets a review by attorney and Mortgage Musings blogger Brian Levy. (Available here, this week’s podcast is sponsored by SimpleNexus, an nCino company and award-winning developer of mobile-first technology for the modern mortgage lender. Today’s has an interview with interview with.)