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May the 4th be with you! Without the lisp, there are many forces tugging at lenders and vendors. Forget 2020 and 2021. Recruiters are asking LOs what their numbers were in 2018 and 2019. Prequals are running amok, and with them costs for any vendor services like credit verification. The Mortgage Bankers Association’s Marina Walsh tells us that the cost per loan has gone up six quarters in a row, despite all the “cost saving” automation. Meanwhile, in the secondary markets, life isn’t much better… and what happens there directly impacts rate sheet pricing for ...

Change is mandatory. Progress is optional. Are signing bonuses a sign of progress? Perhaps not, and more a continued sign of the competitive times. “A $1 Million Salesperson Signing Bonus is Not a Growth Strategy” is worth a skim. Today’s podcast interview is with me discussing the current rough environment, and as our brethren trail off home from the Texas MBA to the airport in Austin (and actually recognize each other without masks), the talk is about volume and cutbacks. Vendors are being beaten up on price. Long, long gone are the days of padding margins to slow things...

Cygnet Infotech acquires majority stake in startup Glib.ai

One conversation topic not in the hallways here at the MBA’s Independent Mortgage Banker Conference in Tennessee is the death of the original voice of Charlie Brown. The huge cost of health care is, however, and lenders can lower costs by negotiating. “Votre grand-mère donne de superbes massages!” Are things like free daily commentaries with French words, of a higher quality than those that don’t have them? I ask because the Econo Lodge here in Nashville (where free commentary writers bunk down) has some French phrasing on the plastic shampoo bottle, which ...

As I head to Northern California, and mourning the loss of Meatloaf, I’m thinking, “Dang. I guess that I shouldn’t have put my entire 401(k) into Peloton stock a year ago,” a great combination of home exercise and technology. Brad Paisley sang, “…And I'd have given anything to have my own PacMan game at home. I used to have to get a ride down to the arcade, now I've got it on my phone.” Mortgage loan originators can’t do anything about interest rates, but they can do something about their service & technology t...